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RIA Novosti

Business

Russia's gas producer Novatek to boost output 20% in 2009

12:45 17/06/2008
MOSCOW, June 17 (RIA Novosti) - Novatek [RTS: NVTK], Russia's largest independent natural gas producer, said on Tuesday it plans to boost output by 20% in 2009.

In 2007, Novatek produced 28.52 billion cubic meters of natural gas, or 0.7% less than in the previous year.

Established in 1994, Novatek handles the prospecting, production and refining of gas and liquid hydrocarbons. Its gas fields are located in the Yamal-Nenets autonomous area in West Siberia, which has the world's largest natural gas reserves. The region accounts for over 90% of Russian natural gas output and around 20% of global gas production.

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