The Board of Directors of OAO NOVATEK has approved the decision to increase the number of the Company’s Management Committee from nine (9) to 12 members. The Company’s Board has elected the following individuals to NOVATEK’s Management Committee:
Viktor N. Belyakov, Deputy Chairman of the Management Board for Economics and Finance;
Oleg V. Karpushin, Deputy Chairman of the Management Board – Operations Director;
Igor A. Plesovskikh, Deputy Chairman of the Management Board – Director for Geology;
Ilya V. Tafintsev, Director for Strategic Projects;
Denis G. Khramov, Deputy Chairman of the Management Board.
The Board resolved to terminate the membership of Iosif L. Levinzon and Sergey V. Protosenya in the Company’s Management Committee. The Board also approved amendments to the Company’s Regulations on Risk Management and Internal Control Systems.
OAO NOVATEK is Russia’s largest independent gas producer and the second-largest natural gas producer 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 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 gas production and approximately 16% of the world’s gas production. NOVATEK is an open joint stock company established under the laws of the Russian Federation.