Press Releases and Events
NOVATEK extends share buyback program
Moscow, 19 May 2016. The Management Board of OAO NOVATEK (“NOVATEK” and/or the “Company”) approved the extension of the share buyback program until 7 June, 2017, keeping all the terms of the program unchanged.
On 7 June, 2012, the Company’s Board of Directors approved a one-year buyback program in respect of ordinary shares of NOVATEK and/or Global Depositary Receipts representing Shares (each GDR representing 10 Shares) in the aggregate amount of up to 600 million US dollars.
The terms of the program provide for its extension by a decision of the Management Board. On 21 May, 2015, the Company's Management Board approved the extension of the share buyback program until 7 June, 2016.
Novatek Equity (Cyprus) Limited, a wholly owned subsidiary of the Company, through an independent broker purchases shares and/or GDRs on the Moscow Exchange and the London Stock Exchange (LSE) respectively, at market prices at the time of purchase.
As of 18 May, 2016, 15,710,090 ordinary shares (including in a form of Global Depositary Receipts) have been purchased on the open market as part of the program implementation.
PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. Upstream activities of the Company’s subsidiaries and joint ventures are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation.