OREANDA-NEWS. January 24, 2012. NOVATEK (“NOVATEK” and/or the “Company”) announced today that the Company’s Chairman of the Management Board, Leonid Mikhelson, and the Chairman of the Management Board of OAO Gazprom, Aleksey Miller, held a working meeting which was also attended by the Chairman of the Management Board of Gazprombank (OAO), Andrey Akimov.

The purpose of the meeting was the discussion of possible joint projects between NOVATEK and OAO Gazprom to increase LNG production capacity near the port of Sabetta, located on the Yamal peninsula, through the development of new fields in the northern part of the peninsula, as well as considering the possibility of a joint development strategy for the hydrocarbon resources of the Gydan peninsula to offset declining production in the Nadym-Pur-Taz region.

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. NOVATEK is an open joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on MICEX-RTS Stock Exchange and the London Stock Exchange (LSE) under the ticker symbol ‘NVTK’ and on the NASDAQ PORTAL System as Rule 144A GDR under the ticker symbol “NVATY”.