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NOVATEK’s Board Approves the New Dividend Policy

Moscow, 18 December 2020. The Board of Directors (the “Board”) of PAO NOVATEK (“NOVATEK” and/or the “Company”) approved amendments to its Regulations on Dividend Policy.   

The new Dividend Policy increases the minimum target payout level from 30% to 50% of the adjusted consolidated net profit according to the International Financial Reporting Standards (IFRS), considering sustainably strong operating and financial results as well as significant growth in the scale of the Company’s operations. The changes are aimed at strengthening NOVATEK’s investment case and increasing total shareholder returns.

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.