OREANDA-NEWS. On September 21, 2007 OAO NOVATEK announced that it has signed an agreement with OAO Ust-Luga for the construction of a terminal for the transshipment and fractionation of stable gas condensate produced by OOO NOVATEK-Purovsky Processing Plant. The agreement was signed within the framework of the Sixth International Investment Forum Sochi – 2007, reported the press-centre of OAO NOVATEK.

The document was signed by Valery Izrayilit, Chairman of the Board of Directors, on behalf of OAO Ust-Luga and Leonid Mikhelson, Chairman of the Management Board, on behalf of OAO NOVATEK.

The new complex, located in the North West Region of Russia, will have an estimated throughput capacity of 6 million tons per annum and will expand the Company’s existing gas condensate value chain. The construction of a fractionation unit within the new complex will allow NOVATEK to export high quality refined products rather than raw materials. The estimated cost to construct the complex is approximately 9,6 billion rubles.