Press Releases and Events
NOVATEK-Murmansk Signed Agreement with Far East Development Corporation
Murmansk, 27 May 2020. PAO NOVATEK (“NOVATEK” and/or the “Company”) announced today that OOO NOVATEK-Murmansk, a wholly owned subsidiary, and the Far East Development Corporation signed an Agreement on operating in the territory of the Advanced Special Economic Zone (ASEZ) “Capital of the Arctic” (hereinafter “the Agreement”).
According to the Agreement, OOO NOVATEK-Murmansk will obtain resident status at the Advanced Special Economic Zone — an economic area with preferential tax conditions and simplified administrative procedures aimed at attracting investment, accelerating economic development and improving the life of the population.
“Obtaining resident status of the ‘Capital of the Arctic’ ASEZ will accelerate the implementation of one of the largest investment projects in the Murmansk region — the LNG Construction Center,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “This will facilitate economic growth in the region to attract social investments and improve the well-being of the local population, where NOVATEK is creating the technological platform to implement our large-scale LNG projects in the Arctic.”
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.