About YARGEO project

   Nefte Petroleum Limited owns 49% in the Joint Venture – YARGEO LLC, its charter capital is 4,87 bln rubles (the information is available in the public domain). 

   In the course of the financing of the project Nefte Petroleum Limited fully paid its share in the charter capital of YARGEO, which amounts to 2,38 bln rubles and also provided a loan for the development of the project. 

   In accordance with the market usage the project financing engagement option was proposed which is now discussed and the positions of the parties are close to reaching the agreement. None of the obligations on the financing of the project were broken by Nefte Petroleum Limited and it intends to actively participate in the development of YARGEO project. 

   Nefte Petroleum Limited filed a court preference to the commercial court of Yamalo-Nenetskiy Autonomous District on cancelling the approved Novatek’s security claim. The court preference was admitted for examination and appointed the court session to review it for November 19, 2014 in Salekhard.