Press Releases and Events
Results of NOVATEK’s Extraordinary General Meeting of Shareholders
Moscow, 21 June 2016. The Extraordinary General Meeting of Shareholders (“EGM”) of OAO NOVATEK held yesterday resolved to approve a series of related party transactions.
The approved transactions and agreements relate to obtaining project financing for the Yamal LNG project with participation of Russian and international financial institutions in the amount of up to USD 19 billion.
As of today, Yamal LNG has concluded loan agreements in relation to financing from the National Welfare Fund of Russia as well as project financing agreements with Sberbank, Gazprombank, Export-Import Bank of China and the China Development Bank for the amount equivalent to USD 18.4 billion, of which more than USD 4 billion has already been withdrawn.
Yamal LNG is involved in the construction of the 16.5 million tons per annum natural gas liquefaction plant on the base of the hydrocarbon resources of the South-Tambeyskoye field. First LNG production is scheduled for 2017. Yamal LNG shareholders are: NOVATEK (50.1%), CNPC (20%), Total (20%), and Silk Road Fund (9.9%).
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.