Press Releases and Events
NOVATEK extends the share buy back program
Moscow, 30 May 2013. The Management Board of OAO NOVATEK (“NOVATEK” and/or the “Company”) approved the extension of the share buyback program until 7 June, 2014, keeping the size of the program and other terms unchanged.
According to NOVATEK’s Chairman of the Management Board, Leonid V. Mikhelson, “The decision to extend the buyback program reflects our confidence in successful development of our key projects and significant growth potential of NOVATEK, which, in our opinion, is not fully reflected in the current market valuation of the Company”.
On 7 June, 2012 the Company’s Board of Directors approved a one-year buyback program in respect of ordinary shares of NOVATEK and/or Global Depositary Receipts representing Shares (each GDR representing 10 Shares) in the aggregate amount of up to 600 million US dollars. The terms of the program provide for its extension by a decision of the Management Board.
Novatek Equity (Cyprus) Limited, a wholly owned subsidiary of the Company, through an independent broker purchases shares and/or GDRs on MICEX-RTS Stock Exchange and the London Stock Exchange (LSE) respectively, at market prices at the time of purchase.
As of 27 May, 2013, 5,517,510 ordinary shares (including in a form of Global Depositary Receipts) have been purchased on the open market as part of the program implementation.
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.