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NOVATEK signs framework agreement with SIBUR

27 February 2007, Moscow. OOO SIBUR President Dmitry Konov and OAO NOVATEK CEO Leonid Mikhelson have signed a framework agreement to establish a joint venture utilizing the production capacity of ООО Tobolsk-Polymer, a subsidiary of Sibur Holding. The agreement provides that SIBUR would control more than 50% of the joint venture’s share capital.

The newly established joint venture would specialize in dehydration processing of raw materials to produce up to 500 thousand tons of polypropylene per annum, as well as other products using the Plant’s polypropylene conversion process. NOVATEK would supply raw materials to the joint venture.

Tobolsk-Polymer was established by SIBUR to realize the construction of a polyethylene plant in Tobolsk. The final decision regarding the project’s implementation and investment parameters is expected to be made during the first half of 2007.

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.