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OAO Novatek

09/30/2019 | Press release | Distributed by Public on 09/30/2019 10:28

NOVATEK’s Statement on COSCO Shipping Tanker (Dalian) Co. and COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co. Inclusion into SDN List

30 September 2019

Moscow, 30 September 2019.In respect of the US Department of the Treasury's Office of Foreign Assets Control ('OFAC') order of including COSCO Shipping Tanker (Dalian) Co. and COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co. into the Iran-related Specially Designated Nationals ('SDN') list, as well as Teekay LNG Partners L.P. ('Teekay LNG') statement, NOVATEK issues the following statement.

Teekay LNG, through its affiliates and joint ventures, owns four (4) Arc7 LNG tankers conducting LNG shipments for the Yamal LNG project.

These specific LNG shipments are not related to the sanctions imposed on COSCO Shipping Tanker (Dalian) Co. and COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co. The issue to resolve this situation is a business relations matter between Teekay LNG and China LNG Shipping (Holdings) Limited.

The Yamal LNG project has all the necessary capacities to ensure supplies of LNG produced to customers in accordance with contractual obligations within the agreed timelines.

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. The Company's upstream activities 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. The Company's shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol 'NVTK'.