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NOVATEK Board approves share buy back

Moscow, 11 February 2008. OAO NOVATEK today announced that the Company’s Board of Directors has approved the purchase of up to, but not more than, 3.0% of NOVATEK’s ordinary shares outstanding, in the form of GDR’s, as part of a share buy back program. The program will be carried out on a long-term basis and its implementation is currently being reviewed by the Company.

NOVATEK plans to use the buy back program for possible future financing activities and for the Company’s ongoing implementation of a compensation and incentive program.

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.