This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

NOVATEK Signs Marketing Agreement With Yeochun Naphtha Cracker Center













SINGAPORE and MOSCOW, Feb. 5, 2013 /PRNewswire/ --  OAO NOVATEK ("NOVATEK" or the "Company"), announced today the conclusion of a commercial agreement with the Yeochun Naphtha Cracker Center ("YNCC"), a South Korean petrochemical company, for supplying up to three hundred thousand tons of light naphtha produced at the Ust-Luga Gas Condensate Transshipment and Fractionation complex ("Complex") in 2013.

First Deputy Chairman of NOVATEK's Management Board, Mikhail Popov noted: "The contract with YNCC is another step in the expansion of customer portfolio for the Ust-Luga Complex guaranteeing sustainability of our integrated production chain."

Executive Vice President of YNCC, Paul Y. Joo commented: "NOVATEK has already worked out reliable logistics of product supplies to South Korea, and we are confident in the security of supply of the required volumes of naphtha as a feedstock for our production."

Note The Ust-Luga complex includes facilities for transshipment and fractionation of stable gas condensate. The Complex will process up to six million tons of gas condensate per annum and produce light and heavy naphtha, diesel and jet fuel, as well as heating oil. NOVATEK is currently proceeding with commissioning tests at the first stage, which has a capacity of three million tons per annum. Construction works has also started at the second stage of the Complex. The Complex will allow the Company to enter new markets, expand its customer base and increase sales of higher value added products.

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 84% of Russia's natural gas production and approximately 17% 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."

Yeochun Naphtha Cracker Center ( South Korea) was established in 1999 and is involved in production of petrochemical products such as ethylene, propylene, benzene, toluene, xylene, etc. The annual product output at the three plants owned by the company amounts to 4.3 million tons.

SOURCE OAO Novatek

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs