Novatek makes board changes

Russian independent LNG producer Novatek said it has made changes to its management board.

Novatek said in a statement its management board has terminated the powers of Evgeny Kot, who served as LNG director.

The company’s board has appointed Sergey Solovyov as the deputy chairman of the management board – director for prospective projects with authority over LNG, decarbonization and gas chemical projects, it said.

Solovyov previously held the position of deputy chairman of the management board – director for geology.

Novatek’s board also elected Vladimir Kudrin to replace Solovyov in this position.

Kudrin has worked for a total of 20 years in the company’s subsidiaries and joint ventures, and held the position of general director in Arcticgas for the last 7 years, Novatek said.

Besides these board changes, Novatek said in a separate statement it has approved a new share buyback program in the aggregate amount of up to $1 billion.

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