The Management Board of PAO NOVATEK has approved the extension of the share buyback programme until 7 June 2021, keeping all the terms of the programme unchanged.
On 7 June 2012, the Company’s Board of Directors approved a one-year buyback programme in respect of ordinary shares of NOVATEK and/or Global Depositary Receipts representing shares (each GDR representing 10 shares) in the aggregate amount of up to US$600 million.
The terms of the programme provide for its extension by a decision of the Management Board. On 27 May 2019, the Company's Management Board approved the extension of the share buyback programme until 7 June 2020.
Novatek Equity (Cyprus) Limited, a wholly owned subsidiary of the Company, through an independent broker purchases shares and/or GDRs on the Moscow Exchange and the London Stock Exchange (LSE) respectively, at market prices at the time of purchase.
As of 5 June 2020, 31 357 777 ordinary shares (including in a form of Global Depositary Receipts) have been purchased on the open market as part of the programme implementation.
PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing, and marketing of natural gas and liquid hydrocarbons. Upstream activities of the Company’s subsidiaries and joint ventures are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/05062020/novatek-extends-share-buyback-programme/