• 2007 September 21 14:09

  Novatek and Company Ust-Luga sign investment contract for a transshipment complex in Ust-Luga

  

  On September 21, 2007, within the framework of the VI international investment forum «Sochi-2007» company Ust-Luga OJSC and Novatek OJSC signed an investment contract for construction of a transshipment complex in commercial seaport of Ust-Luga, PR department of Company Ust-Luga reports.

  The subject of Investment contract with Novatek OJSC is construction of a complex for transshipment and fractionation of stable gas condensate produced at NOVATEK-Purovski ZPK LLC. Planned throughput of the new complex is 6 million tonnes per year. Construction of this terminal will be the final stage in development of a logistic chain for delivery of NOVATEK product. Installation of fractionation equipment will enable the company export of high-quality  product rather than raw material. Estimated investment into construction issome RUR 9.6 billion.

   

  Ust-Luga Company OJSC was founded in 1992. It is the customer-developer of the sea trade port of Ust-Luga (Ust-Luga Bay in the Gulf of Finland). Construction of the sea trade port of Ust-Luga is carried out within the framework of federal special-purpose program for Modernization of Russia’s Transport System at the basis of state-and-private partnership. The port is to service growing volumes of Russia’s foreign trade. The capacity of this multi-purpose port is up to 120 million tonnes of cargo per year. By 2010, the port’s throughput is to reach 36 million tonnes.

   

  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 and processing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated in the Yamal-Nenets Region, which is the world's largest natural gas producing area and accounts for over 90% of Russia's natural gas production and 20% of the world’s gas production. NOVATEK is an open joint stock company incorporated according to the legislation of the Russian Federation. The company’s shares are listed at stock exchange Russian Trade System and its Global Depositary Receipts – at London Stock Exchange (LSE) under symbol “NVTK” within the system NASDAQ PORTAL according to the rule 144А GDR under symbol “NVATY”.

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