OREANDA-NEWS. September 17, 2009. OAO NOVATEK (“NOVATEK or the “Company”) announced that it has completed the Company’s financial reporting systems project after successfully implementing a suite of IBM Cognos software components to create an integrated system for financial consolidation. The completion of the project provides NOVATEK with a fully automated system for preparing consolidated financial statements under International Financial Reporting Standards (IFRS).

The Company’s new financial consolidation system represents a powerful and flexible tool for the preparation of consolidated financial statements and enables NOVATEK to meet the current requirements of the investment community and regulatory bodies for the timely presentation of complete and reliable financial information. The new system significantly reduces the time required for the Company to prepare its quarterly and annual IFRS consolidated financial statements while at the same time optimizing resource allocation and providing the ability to monitor task completion.

NOVATEK’s Chief Financial Officer, Mark Gyetvay stated that, “The Company has set a high standard for financial and reporting transparency consistent with global best practices. The implementation of the new system is a continuation of our commitment to corporate governance and financial transparency as well as providing the investment community with timely financial and operational information. We will continue to invest the necessary resources to maintain our position as one of the top Russian companies in terms of financial reporting and corporate governance”.

The automated system for preparing consolidated financial statements was implemented based on IBM Cognos Controller. As part of this process, the new system was integrated with the Company’s existing IBM systems, Cognos Enterprise Planning and Cognos Business Intelligence, making data transfer and the creation of tailored reports for financial analysis possible.

The project was jointly managed by the Company’s IFRS specialists and external consultants, from Columbus IT, which was selected on the basis of a tender and acted as implementation partner on the project.