November 3, 2014 Nefte Petroleum Limited, included in Corporation Energy structure, was informed about rendering of ruling by commercial court of Yamalo-Nenetskiy Autonomous District on taking measures for security of Novatek’s claim to the company.
The claim form was filed on behalf of Novatek by the engaged external counsels on October 28, 2014.
Nefte Petroleum Limited believes the arguments provided by the claimant’s representatives do not reflect the actual situation, thus the company filed a court preference on cancelling the approved security claim. Nefte Petroleum Limited to the extent permitted by applicable law of Russia intends to adjudicate its rights in Russian judicial authorities.
Corporation Energy’s development strategy presupposes the improvement of its corporate asset holding structure including the share holding structure optimization in YARGEO.
For several years already Corporation Energy has cooperated with Novatek within the framework of Yarudeyskoye field development project, the relationship with both the company and its stakeholders are positive and are of businesslike and practical nature.
Nefte Petroleum Limited takes part in financing of YARGEO development: during the participation in the project the charter capital was fully paid, a significant loan was provided and the financing was approved to the extent enough to launch the field in August 2015.