MOSCOW, Oct. 29, 2013 /PRNewswire/ -- OAO NOVATEK ("NOVATEK" and/or the "Company") announced today that first two (out of four) gas condensate stabilization trains with three (3) million tons per annum overall capacity were launched as part of a project for expanding capacity of the Purovsky plant from five (5) to 11 million tons.
Construction works are currently being finalized at the remaining two trains with 1.5 million tons per annum capacity each.
According to NOVATEK's CEO, Leonid Mikhelson, "Expansion of the Purovsky plant allows us to increase hydrocarbon production volumes due to ability to process additional volumes of gas condensate from our newly launched fields."
First stage of the Purovsky plant was launched in 2005. With the launch of second stage in 2008 capacity of the plant increased from 2 to 5 million tons per annum. The plant processes de-ethanized (unstable) gas condensate produced at NOVATEK's fields. Gas condensate pipeline network has been built to supply feedstock to the plant. Main product of the Purovsky plant is stable gas condensate, which is supplied by rail to NOVATEK's Ust-Luga Complex for further processing into a basket of products. Purovsky plant also produces LPG and methanol.
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OAO NOVATEK is Russia's largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company's upstream activities are concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world's largest natural gas producing area and accounts for approximately 90% of Russia's natural gas production and approximately 17% of the world's gas production. NOVATEK is an open joint stock company established under the laws of the Russian Federation. The Company's shares are listed in Russia on MICEX-RTS Stock Exchange and the London Stock Exchange (LSE) under the ticker symbol «NVTK».
SOURCE OAO NOVATEK