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PAO Novatek (NVTK)

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Wednesday 24 April, 2019

PAO Novatek

Cryogas-Vysotsk Started Full-scale LNG Production

RNS Number : 9830W
PAO Novatek
24 April 2019
 

 

 

FOR IMMEDIATE RELEASE

 

Cryogas-Vysotsk Commenced Full-scale LNG Production

 

Moscow, 24 April 2019. PAO NOVATEK ("NOVATEK" and/or the "Company") announced today that its joint venture with Gazprombank Cryogas-Vysotsk has commenced full-scale production of liquefied natural gas (LNG). During the official ceremony at the port of Vysotsk, Russian President Vladimir Putin has formally started the Cryogas-Vysotsk LNG project.

 

"Cryogas-Vysotsk is our first medium-scale LNG project." noted NOVATEK's Chairman of Management Board Leonid Mikhelson, "Our marketing strategy provides for loading of bunkering vessels, small wholesale LNG sales, and LNG sales as motor fuel to the Baltics, Scandinavia and North-Western Europe markets. Natural gas used as transport fuel reduces carbon emissions and complies with new environmental standards such as the sulfur emissions reductions mandated by IMO 2020. We see potential to expand our commercial presence in this developing LNG market segment".

 

Note

Cyrogas-Vysotsk is a medium-tonnage LNG project located in the port of Vysotsk, Leningrad Region of Russia on the Baltic Sea. The project's initial design capacity is 660 thousand tons of LNG per annum, and its infrastructure includes a 42 thousand cubic meters LNG storage tank and an offloading berth designed to handle LNG carriers with a capacity of up to 30 thousand cubic meters. NOVATEK acquired a 51% participation interest in Cryogas-Vysotsk project in July 2017.

 

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For further information, please visit www.novatek.ru or contact:

Press Service
+7 (495) 721 2207
[email protected]

Investor Relations
+7 (495) 730 6013
[email protected]

***

PAO NOVATEK is one of the largest independent natural gas producers in Russia, and in 2017, entered the global gas 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. The Company's upstream activities 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. The Company's shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol «NVTK».


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