PAO NOVATEK Leningrad region, 14 June 2023. PAO NOVATEK ("NOVATEK" and/or the "Company") announced that today, during the official ceremony at the port of Ust-Luga on the Baltic Sea, its hydrocracking unit was launched. The unit was built under the agreement between the Company and the Ministry of Energy of the Russian Federation to develop new processing facilities.
With the hydrocracker in operation, NOVATEK will be able to process heavy fractionation residuals (fuel oil) at its gas condensate fractionation facilities in Ust-Luga to reach a 99% yield of marketable light petroleum products.
Since the project was developed using domestic manufacturing facilities and infrastructure, the Company will achieve better processing profitability and a more vertically integrated value chain
PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. Upstream activities of the Company's subsidiaries and joint ventures are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world's largest natural gas producing area and accounts for approximately 80% of Russia's natural gas production and approximately 15% of the world's gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation.
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OAO Novatek published this content on 14 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 June 2023 09:18:09 UTC.
