Murmansk, 27 May 2020. PAO NOVATEK (“NOVATEK” and/or the “Company”) announced today that OOO NOVATEK-Murmansk, a wholly owned subsidiary, and the Far East Development Corporation signed an Agreement on operating in the territory of the Advanced Special Economic Zone (ASEZ) “Capital of the Arctic” (hereinafter “the Agreement”).
According to the Agreement, OOO NOVATEK-Murmansk will obtain resident status at the Advanced Special Economic Zone – an economic area with preferential tax conditions and simplified administrative procedures aimed at attracting investment, accelerating economic development and improving the life of the population.
“Obtaining resident status of the “Capital of the Arctic” ASEZ will accelerate the implementation of one of the largest investment projects in the Murmansk region – the LNG Construction Center,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “This will facilitate economic growth in the region to attract social investments and improve the well-being of the local population, where NOVATEK is creating the technological platform to implement our large-scale LNG projects in the Arctic.”