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NOVATEK

January 20, 2004

Press release

In 2004 OAO NOVATEK will deliver to Russian consumers about 2 bcm of gas at the prices regulated by the Federal Energy Commission. The agreements have already been signed and starting from January, gas is supplied to OOO Tyumenregiongas and OOO Kurganregiongas - regional distribution subsidiaries of OOO “Mezhregiongas”. 1.1 billion cubic metres will be delivered to OOO “Tyumenregiongas”” and OOO “Kurganregiongas” is and 0.67 bcm accordingly which constitutes 88% and 60% of the total volume sold by these companies in their regions.

Thus, Novatek jointly with Gazprom supplies gas at regulated prices to the Russian consumers. At the same time it is a move towards equal conditions for all of the gas market participants. In future the company counts on a possibility to export gas and thus compensate the low prices of the internal market.

Novatek is also considering possibilities to invest in gas pipeline networks in the Tyumen and Kurgan regions to have more consumers.

Earlier NOVATEK already signed supply contract on 2 bcm of natural gas with the Urals Energy Management Company. The contract anticipates contractual price for Surgut hydroelectric power stations 1 and 2, Tyumen heat power stations 1 and 2 and Kurgan heat power station. In 2003 the company delivered 0.9 bcm of gas to Surgut hydraulic power stations 1 and 2 and 0.15 bcm of gas to Kurgan heat power station.

OAO Gazprom already issued all the necessary permissions for transportation of the above mentioned gas volume through united gas transportation system.

In 2004, Novatek has signed gas supply contracts with 10 regional companies, which are 100% subsidiaries of Gazprom.
Press service of OAO NOVATEK
press@novatek.ru
+7 (095) 721 22 07

Investor Relations Department
ir@novatek.ru
+7 (095) 730 60 20

For Editor:

OAO NOVATEK is the largest independent gas producer in Russia and second only to OAO Gazprom, the world’s largest natural gas company. The Company upstream operations geographically concentrated in the prolific Yamal-Nenets Autonomous Region in West Siberia which accounts for approximately 90% of all Russian gas production. Through it related affiliates and subsidiaries, OAO NOVATEK controls mineral licenses which convey the right to explore and develop hydrocarbon fields holding estimated natural gas reserves of over 1.5 trillion cubic meters. In 2003, the Company produced 20.4 billion cubic meters (“bcm”) of natural gas of which 13.5 bcm accrued to its net interests in its various production assets. Based on current development plans, OAO NOVATEK forecasts its net production to increase between 45 bcm to 50 bcm over the next five years.

 

 

 

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