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Novatek decides to abandon plans to produce gas in Eastern Siberia

June 05, 2017, 14:02 UTC+3 ST. PETERSBURG
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ST. PETERSBURG, June 5. /TASS/. Novatek has revised its production plans in Eastern Siberia and is no longer planning to buy assets there due to low profitability of production, the company’s CEO Leonid Mikhelson told reporters.

"We see our future on the Gydan Peninsula and the Yamal Peninsula, we do not consider Eastern Siberia yet. We are looking at some additional opportunities in the area of ·· our current presence, I think we will make acquisitions this year," he said.

In addition, he noted that the company refused to participate in projects in Yakutia, that it considered earlier.

"This was not a strategic decision, we estimated the cost of entering the new region to start operations there," Mikhelson added.

However, he did not rule out that in the future, Novatek could enter foreign markets in other regions of Russia.

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