Press Releases and Events
NOVATEK and Fortum sign Memorandum of Understanding
Moscow, 18 November 2010. OAO NOVATEK (“NOVATEK” and/or the “Company”) has announced that the President and CEO of Fortum Corporation, Tapio Kuula, and NOVATEK’s CEO, Leonid Mikhelson, have signed a Memorandum of Understanding (the “Memorandum”), which confirms the Parties’ commitment to cooperate on projects that increase energy efficiency.
The signed Memorandum provides the following key business priorities:
1. Development of new gas fired electrical and thermal power generation capacities by Fortum Corporation;
2. Sustainable resource supplies to Fortum’s electrical and thermal power generation facilities on a long-term basis; and
3. Joint participation in investment projects within the Russian Federation to improve regional energy efficiency.
Fortum Corporation is one of Europe’s leading energy companies with operations focused primarily on the Nordic countries, Russia and Baltic Rim area. Its businesses consist of combined heat and power generation facilities and their delivery and sale to end-customers as well as operational and technical services for power plants. In 2009, Fortum’s total revenues amounted to 5.4 billion EURO while income from operations totalled 1.8 billion EURO. Fortum has approximately 11,500 employees and its shares are traded on the NASDAQ, OMX and Helsinki exchanges.
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.