Moscow, Russia, 22-1-2014 — /EuropaWire/ — OAO NOVATEK (“NOVATEK” and/or the “Company”) announced today that last two (out of four) new gas condensate stabilization trains with three (3) million tons per annum overall capacity were launched at the Purovsky plant resulting in completion of a project for expanding capacity of the plant from five (5) to 11 million tons. First two new trains with the same capacity were launched in October 2013.
Chairman of the Management Board of NOVATEK, Leonid V. Mikhelson stated “We have successfully completed another strategic project and achieved balance between our gas condensate production potential and processing capacity. Expansion of the Purovsky plant was implemented on time and on budget”.
First stage of the Purovsky plant was launched in 2005. With the launch of second stage in 2008 capacity of the plant increased from 2 to 5 million tons per annum. The plant processes de-ethanized (unstable) gas condensate produced at NOVATEK’s fields. Gas condensate pipeline network has been built to supply feedstock to the plant. Purovsky plant produces stable gas condensate and liquefied petroleum gases (LPG), which are shipped from the plant by rail. Stable gas condensate is supplied to the Company’s Ust-Luga Complex for further processing and LPG is sold on the domestic market (including via the Company’s own network of retail and small wholesale stations) and exported.
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. NOVATEK is an open joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on MICEX-RTS Stock Exchange and the London Stock Exchange (LSE) under the ticker symbol «NVTK».
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