OAO NOVATEK today announced that it has increased its equity interest in Yamal LNG to 100% by exercising call options through its wholly owned subsidiary, NOVATEK North-West.
NOVATEK increased its equity interest through two call options for 23.9% and 25.1% purchased in July 2009 and March 2011, respectively.
The options’ strike price will be paid in instalments with the final payment due by 30 June 2012.
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 over 83% of Russia’s natural gas production and 16% of the world’s gas production.
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Source: NOVATEK, September 30, 2011