As a result of the transaction, Gazprom representatives will have two seats on Novatek’s board of directors, which will give the Russian energy titan sufficient rights to participate in management of the company’s activates.
In announcing the deal, Novatek said that it anticipates further expanding its activities in developing its existing fields and growing its hydrocarbon resource base. Novatek said that there was also an opportunity for it to become involved in regional gasification programs.
