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MMK

June 28, 2012

MMK signs long-term contract for gas supplies from NOVATEK

Magnitogorsk Iron and Steel Works (MMK) today signed a long-term gas supply contract with OOO NOVATEK-Chelyabinsk, a fully owned subsidiary of OAO NOVATEK, to support the Group’s operating performance and future development. Total deliveries under the contract, which runs for 10.5 years through 31 December 2022, will be 50 billion cu m of gas.

Under the contract, NOVATEK-Chelyabinsk will deliver 2.3 billion cu m of gas to MMK in 2012, with 4.5 billion cu m planned for 2013.

MMK Deputy General Director Vitaly Bakhmetyev said: “NOVATEK supplied its first 500 million cu m of gas to MMK back in 2003. The contract that we have signed today meets the interests of both sides, and will secure MMK Group's energy safety requirements. NOVATEK is a reliable partner, and we welcome the establishment of long-term bilateral relations between our companies.”

Mikhail Popov, first deputy president of the board of OAO NOVATEK, said: “By signing a 10-year contract with MMK today, we have set a new precedent for relations between gas suppliers and consumers so that companies can build and implement long-term production plans on a firm footing. Having stable relationships with our partners is a cornerstone of our marketing policy. NOVATEK’S resource base means that we can provide guaranteed gas supplies.”

 

 

 

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