OREANDA-NEWS. October 20, 2009. The Board of Directors (the “Board”) of OAO NOVATEK (“NOVATEK” and or the “Company”) has approved the decision to convene an Extraordinary General Meeting of Shareholders (EGM).  

The Board has approved the following agenda for the EGM:  

1.      Approval of a related party transaction (gas supply contracts) between OAO NOVATEK and OAO INTER RAO UES

2.      Approval of several interrelated transactions (amendments to the Natural Gas Supply Contract of 13 November 2006 between OAO NOVATEK and OOO Mezhregiongas) that are considered to be related party transactions.

The gas supply contracts between the Company and OOO INTER RAO UES and OOO Mezhregiongas are considered related party transactions due to the fact that NOVATEK’s Board member, Kirill Seleznev, is also a member of the Board of Directors of INTER RAO UES and the General Director of OOO Mezhregiongas.

The value of each of the contemplated gas supply contracts is in excess of two percent (2.0%) of the book value of NOVATEK’s assets, under Russian Accounting Standards, as of the last reporting date and therefore requires shareholder approval.   

The date of compiling the list of shareholders entitled to participate in the EGM is 19 October 2009.  Participation in the EGM will be carried out through absentee voting and all ballots must be received by 24 November 2009.