Novatek in commercial agreement with YNCC for supply of upto 300,000 tons of light naphtha

OAO NOVATEK (Novatek), announced conclusion of a commercial agreement with the Yeochun Naphtha Cracker Center (YNCC), a South Korean petrochemical company, for supplying up to three hundred thousand tons of light naphtha produced at the Ust-Luga Gas Condensate Transshipment and Fractionation complex in 2013. The Ust-Luga complex includes facilities for transshipment and fractionation of stable gas condensate. The Complex will process up to 6 mln tpa of gas condensate and produce light and heavy naphtha, diesel and jet fuel, as well as heating oil. Construction works has also started at the second stage of the Complex. First Deputy Chairman of NOVATEK's Management Board, Mikhail Popov noted: "The contract with YNCC is another step in the expansion of customer portfolio for the Ust-Luga Complex guaranteeing sustainability of our integrated production chain." Executive Vice President of YNCC, Paul Y. Joo commented: "NOVATEK has already worked out reliable logistics of product supplies to South Korea, and we are confident in the security of supply of the required volumes of naphtha as a feedstock for our production."
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