NOVATEK, Leningrad Region Government Join Forces

 OAO NOVATEK (NVTK.ME) and the Leningrad Region Government entered into a Cooperation Agreement on the region’s social and economic development at the 20th Saint Petersburg International Economic Forum.

The document envisages that the Parties will take joint efforts in investment, research, and innovations in the Leningrad Region. The Agreement is signed for a term of three years.

The Parties anticipate that the Agreement will contribute to a favorable investment climate in the region, improve living standards and create new jobs as well as providing for the social and economic development of the region.

NOVATEK will promote the development of the Leningrad Region’s social infrastructure, environmental initiatives, chemical sciences and education, as well as contribute to the advancement of physical education and sports, including amateur and children sports.

“NOVATEK is one of the key partners of the Leningrad Region,” Alexander Drozdenko, the region’s governor, said. “In the port of Ust-Luga, the investor has built and now operates a state-of-the-art complex for gas condensate processing and production of naphtha, kerosene and other types of fuel that are in demand both in the domestic and international markets. It is important for us that the company doesn’t only show interest for business projects but also for the development of social infrastructure of the region where it operates.”

Chairman of the Management Board of NOVATEK, Leonid Mikhelson noted: “We are committed to our longstanding cooperation with the Leningrad Region.  Following our policy, we implement programs to support educational and cultural institutions, children and youth projects and initiatives.”