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PAO Novatek (NVTK)

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Wednesday 12 September, 2018

PAO Novatek

NOVATEK creates a Joint Venture with Rosatom

RNS Number : 5187A
PAO Novatek
12 September 2018





NOVATEK creates a Joint Venture with Rosatom


Vladivostok, 12 September 2018. Today, during the Eastern Economic Forum in Vladivostok, Chairman of the Management Board of PAO NOVATEK ("NOVATEK") Leonid Mikhelson and Director General of State Corporation ROSATOM Alexey Likhachev signed an agreement of intent on establishment of a joint venture ("Agreement").


According to the Agreement, the Parties intend to establish a long-term partnership to jointly develop, finance and implement a project to create a LNG-fueled icebreaker fleet to support NOVATEK's Arctic projects in frozen areas along the Northern Sea Route as well as building port fleet and supply vessels.


"We already have successful experience of working with ROSATOM providing ice-breaker support for the LNG carriers of our "Yamal LNG" project." - noted Leonid Mikhelson, NOVATEK's Chairman of the Management Board, "This Agreement will facilitate the further development of an icebreaking fleet and support the growth of cargo traffic along the Northern Sea Route that is very important for our company and for Russia's economy as a whole."





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PAO NOVATEK is one of the largest independent natural gas producers in Russia. 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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