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Chelyabinsk and NOVATEK Sign Cooperation Agreement

Source: www.gulfoilandgas.com 11/15/2010, Location: Asia

OAO NOVATEK has announced that the governor of the Chelyabinsk Region, Mikhail Yurevich, and NOVATEKís CEO, Leonid Mikhelson, signed a Cooperation Agreement during a working meeting.

The Agreement provides for the efficient supply of energy resources to the region according to the Chelyabinsk Regional Governmentís policy on social and economic development for the period from 2010 to 2013.

The Agreement also provides for the Companyís participation in realizing investment projects for energy development, gas transportation and processing infrastructure in order to increase the effectiveness of natural gas supplies to end-customers in the region.

The Chelyabinsk economy is one of the largest regional economies in the Russian Federation and one of the largest regional gas markets. In 2010, NOVATEK is expected to supply 3.9 bcm of natural gas to consumers in the Chelyabinsk region, representing 25% of the Regionís total natural gas consumption, with total demand forecast to increase by 1.22 bcm per annum through 2015. The Company also supplies up to 40 thousand tons of LPG annually to the Region, and is developing a network of multi-fuel filling stations through its wholly-owned subsidiary, OOO NOVATEK-AZK.

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