PAO NOVATEK announced that Gennady Timchenko has decided to resign from the Company’s Board of Directors effective 21 March 2022.
Gennady Timchenko was not included into the list of approved candidates for voting at the Annual General Meeting of Shareholders of PAO NOVATEK.
Gennady Timchenko was earlier included in the EU sanctions list and was also covered by the UK sanctions.
PAO NOVATEK is the largest independent natural gas producer 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. 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.