In view of the fact that OAO NOVATEK has been listed on OFAC’s Sectoral Sanctions Identification List, the company published the following statement on Thursday:
NOVATEK is a privately listed company not conducting any business activities in Ukraine, nor does it have any impact on the political and economic processes taking place on its territory. The Company adheres to the world’s best corporate governance and business conduct principles and practices and, since 2005, NOVATEK’s ordinary shares and GDRs have been listed on Russian and international stock exchanges.
In accordance with the standards and requirements for public traded companies, we disclose all information regarding our activities and our business operations are transparent for all stakeholders. Including the Company into the List is not justified.
The inclusion on the List does not impede NOVATEK’s operations and business activities in any jurisdiction, nor does it affect the Company’s assets and listed shares. Among NOVATEK’s shareholders there are American citizens and major US investment funds and banks.
NOVATEK’s financial position is stable, and the Company’s cash flows are sufficient to fulfill its key strategic plans, service its existing debt portfolio and make payments according to the Company’s dividend policy.
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 90% of Russia’s natural gas production and approximately 17% of the world’s gas production.
The implementation of large-scale projects with NOVATEK’s participation will continue as planned. Together with our international partners, the Company will take all necessary measures to secure project financing and implement the LNG project as scheduled.
Source: Press release Novatek