Bloomberg News

Novatek Plans to Increase Natural-Gas Output by 20% Next Year

October 29, 2008

OAO Novatek, Russia's largest independent natural-gas producer, plans to increase output next year by 20 percent, Chief Financial Officer Mark Gyetvay said.

This year's output will rise 10 percent to 31.5 billion cubic meters, Gyetvay said today in Moscow, where he was attending a conference.

The company plans capital expenditure of $1.2 billion in 2009, the same amount as in 2008, and doesn't plan to cut dividends this year, he said.

To contact the reporter on this story: Greg Walters in Moscow

To contact the editor responsible for this story: Guy Collins in London

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