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NOVATEK and Kostroma Region Administration sign Cooperation Agreement


Saint Petersburg, 16June 2016.   OAO NOVATEK (“NOVATEK” and/or the “Company”) and the Administration of the Kostroma Region entered into a 3-year Cooperation Agreement at the 20th Saint Petersburg International Economic Forum. Sergey Sitnikov, the Kostroma Region Governor and Leonid Mikhelson, Chairman of the Management Board of NOVATEK, signed the document.

The Agreement entails cooperation between the parties in the Kostroma Region’s social and economic development as well as the region’s gas infrastructure development. The signed Agreement is aimed at improving living standards, increasing the regional demand for gas and reducing overdue accounts receivable for consumed resources.

Chairman of the Management Board of NOVATEK, Leonid Mikhelson noted: “The Agreement will lay the foundation for us to participate in the development of the region’s social infrastructure. I feel confident that the Agreement will facilitate the expansion of the region’s gas infrastructure and its economic growth as well as help improve the local community’s well-being”. 

PAO NOVATEK is one of the largest independent natural gas producers 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 Area, 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.