Russia: NOVATEK BoD Recommends 2010 Dividend

OAO NOVATEK today announced the results of its Board of Directors meeting to recommend to the Annual General Meeting of Shareholders to approve dividend payments on the Company’s shares in the amount of RR 2.5 per ordinary share.

The Board’s Corporate Governance Committee recommended the dividend payment based on NOVATEK’s annual results for 2010 prepared in accordance to Russian accounting standards.

The total dividend distribution per ordinary share for 2010, including interim dividends paid for the six months of 2010, amounts to RR 4.00 per one ordinary share.

The Company’s AGM will take place on 28 April 2011. Shareholders of at the close of business on the 22 March 2011 will be entitled to receive dividends and participate in the Company’s AGM.

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 83% of Russia’s natural gas production and 16% of the world’s gas production.

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Source: NOVATEK, March 24, 2011;