Press Releases and Events
NOVATEK’s statement with respect to being listed on OFAC’s sectoral sanction identification list
Moscow, 17 July 2014. In view of the fact that OAO NOVATEK (“NOVATEK” or the “Company”) has been listed on OFAC’s Sectoral Sanctions Identification List (the “List”), the Company hereby issues the following statement:
NOVATEK is a privately listed company not conducting any business activities in Ukraine, nor does it have any impact on the political and economic processes taking place on its territory. The Company adheres to the world’s best corporate governance and business conduct principles and practices and, since 2005, NOVATEK’s ordinary shares and GDRs have been listed on Russian and international stock exchanges. In accordance with the standards and requirements for public traded companies, we disclose all information regarding our activities and our business operations are transparent for all stakeholders. Including the Company into the List is not justified.
The inclusion on the List does not impede NOVATEK’s operations and business activities in any jurisdiction, nor does it affect the Company’s assets and listed shares. Among NOVATEK’s shareholders there are American citizens and major US investment funds and banks.
NOVATEK’s financial position is stable, and the Company’s cash flows are sufficient to fulfill its key strategic plans, service its existing debt portfolio and make payments according to the Company’s dividend policy.
The implementation of large-scale projects with NOVATEK’s participation will continue as planned. Together with our international partners, the Company will take all necessary measures to secure project financing and implement the LNG project as scheduled.
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.