21 Mar 2022 14:24

Gennady Timchenko resigns from Novatek board of directors prior to AGM

MOSCOW. March 21 (Interfax) - Russian entrepreneur Gennady Timchenko, owner of one of the largest stakes in Novatek , has resigned from the company's board of directors on his own accord on March 21, 2022, the independent natural gas producer said in a statement on its website.

As previously known, Timchenko has not been included in the list of candidates up for election to the board of directors at the annual general shareholders' meeting (AGM) scheduled for April 21.

The two new candidates for the sole vacant seat are Emmanuel Quidet and Irina Gaida, Director at Energy Center Skolkovo. Quidet is president of the Franco-Russian Chamber of Commerce and Industry, where Timchenko heads the business council.

VolgaGroup, which manages Timchenko's assets, told Interfax that the entrepreneur remains a shareholder in both Novatek and SIBUR petrochemical holding.

The United States imposed sanctions against Timchenko in 2014. The day prior to the sanctions, Timchenko sold 17% in SIBUR to Kirill Shamalov, the son of a shareholder in Rossiya Bank, retaining 15% for himself.

The European Union, Japan, and Great Britain, respectively, imposed sanctions against Timchenko following the start of Russia's military operation in Ukraine.

According to the latest available information, Leonid Mikhelson is Novatek's largest shareholder with a 24.76% stake. Gennady Timchenko owns 23.49%, France's TotalEnergies has 19.4%, and Gazprom owns 9.99%, with just under 20% of the shares traded abroad.

Novatek's largest ongoing project is currently Arctic LNG 2, whose shareholders are also TotalEnergies, as well as Chinese and Japanese companies.