Press Releases and Events
Results of NOVATEK’s Extraordinary General Meeting of Shareholders
Moscow, 12 August 2009. OAO NOVATEK (hereinafter “NOVATEK” and/or the “Company”) announced today that the Extraordinary General Meeting of Shareholders (“EGM”), held on 7 August 2009, resolved to approve the parameters for several interrelated interested party transactions (loan agreements, credit facility agreements and credit line agreements). The interested party refers to a member of the Board of Directors of NOVATEK who is also the Chairman of the Management Board of OAO Gazprombank.
The resolution provides a framework for the negotiation of potential loan agreements between NOVATEK (the Borrower) and OAO Gazprombank (the Lender). The resolution was necessary to provide OAO Gazprombank the opportunity to participate in future credit agreements if its terms were competitive compared to those of other potential lenders.
Within the framework of the approved transactions the total amount of borrowed funds will not exceed thirty billion Russian rubles, or its equivalent in US dollars or Euros. The maximum per loan amount will not be more than fifteen billion Russian rubles, or its equivalent in US dollars or Euros. Interest on the loans granted under the agreement will be not more than twelve percent per annum for US dollar/Euro loans and not more than nineteen percent for Russian ruble loans. The term of each loan agreement will be five years or less and will include an early repayment option.
PAO NOVATEK is the largest independent natural gas producer 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 Region, 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.