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NOVATEK expands gas condensate capacity at the east tarkosalinskoye field

Moscow, 23 December 2005. OAO NOVATEK (RTS: NVTK) today announced that it has launched the second phase low-temperature separation unit servicing the gas-condensate part of the East Tarkosalinskoye field. Initially commissioned in 2002, the second phase will increase the units’ separation capacity by 2 billion cubic meters per year.

To reach the field’s planned capacity of 4.3 billion cubic meters of separator (or wet) gas and up to 900 thousand tons of gas condensate per annum, the Company is planning to drill additional valaginian formation wells as well as increasing the capacity of the field’s condensate de-ethanization facility during next year.

Forward-looking statements

Certain statements in this press release are not historical facts and are «forward looking» within the meaning of Section 27A of the Securities Act and Section 21E of the US Securities Exchange Act of 1934 (hereinafter, the Exchange Act). Forward looking statements include statements concerning our plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, our competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, our business strategy and the trends we anticipate in the industries and the political and legal environment in which we operate and other information that is not historical information. By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward looking statements will not be achieved.

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.