NOVATEK’s BOARD OF DIRECTORS APPROVES
Moscow, 28 April 2014. The Board of Directors of OAO
NOVATEK (“NOVATEK” or the “Company”) at a meeting held on 25 April 2014
approved the Regulations on Dividend Policy of the Company.
According to the approved Regulations, the total dividend payment shall
not be less than 30% of the consolidated net profit to the International
Financial Reporting Standards (IFRS) for the respective period. The
previously adopted Dividend Policy provided for dividend distribution of
not less than 30% of non-consolidated net profit to the Russian
Accounting Standards (RAS), however historically, dividend payments were
not less than 30% of the IFRS net profit.
The Board of Directors also approved the Regulations on the Audit
Committee, the Remuneration and Nomination Committee and the Strategy
Committee of the Board of Directors, as well as the Regulations on the
Corporate Secretary of the Board.
All the above documents are available on the Company’s website at www.novatek.ru.
For further information, please visit www.novatek.ru
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 Moscow Exchange
(MOEX) and the London Stock Exchange (LSE) under the ticker symbol
Source: OAO Novatek