Press Releases and Events
NOVATEK Creates a Subsidiary to Develop Domestic LNG Fuel Market
Moscow, 15 July 2021. The Board of Directors of PAO NOVATEK ('NOVATEK' and/or the 'Company') resolved to create a subsidiary called NOVATEK - LNG Fuel, which will construct small-scale LNG plants, facilitate LNG wholesale markets and develop a retail network for LNG as a motor fuel, as well as provide LNG as part of the autonomous gasification program in the Russian domestic market.
NOVATEK has been actively developing the production and sales of LNG as a motor fuel. In 2020, the Company launched a small-scale LNG plant in Magnitogorsk, Chelyabinsk Region with a capacity of 40 thousand tons per annum. Presently, the Company owns 12 LNG fueling stations in Russia and plans to further expand the production and distribution networks for clean-burning fuels for transport.
'We are creating a dedicated subsidiary to develop the domestic LNG fuel market as part of our commercial marketing strategy,' noted Leonid Mikhelson, NOVATEK's Chairman of the Management Board. 'The use of LNG as a motor fuel can reduce carbon emissions compared to diesel or other petrol products, as well as significantly reduce harmful particles emitted into the atmosphere, which contributes to the decarbonization of the transport industry and the protection of the environment.'
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. The Company's shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol 'NVTK'.
OAO Novatek published this content on 15 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 July 2021 08:34:05 UTC.