Press Releases and Events
NOVATEK’s Board оf Directors approve report on buyback requests
Moscow, 10 June 2016. The Board of Directors (the “Board”) of OAO NOVATEK (“NOVATEK” and/or the “Company”) approved today the Report on shareholders requests for buyback by the Company of their holdings of NOVATEK shares (the “Report”). According to the Report, the shareholders requested buyback of 5,845 ordinary shares which represents 0.00019% of total outstanding shares of NOVATEK.
On 22 April 2016 the Company’s AGM approved a number of transactions and agreements related to external financing of the Yamal LNG project. As stipulated by Article 75 of the Russian Federal Law on Joint Stock Companies, NOVATEK shareholders who voted against approval of the transactions and agreements or did not take part in the voting on this agenda item, had the right to request full or partial buyback by the Company of their holdings of NOVATEK shares. Buyback requests could be filed within 45 days from the transaction approval by the AGM.
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.