Page 11 - FSUOGM Week 17 2022

FSUOGM PROJECTS & COMPANIES FSUOGM

Former top Novatek executive found

dead with family in Spain

RUSSIA A former top executive at Russia’s largest LNG producers.
exporter Novatek has been found hanged at a Novatek’s operations are central to Russia’s
Protosenya was Spanish villa, while his wife and daughter were ambition to develop itself into a major LNG
formerly a member of both discovered stabbed to death, according to exporter to rival the likes of Australia, Qatar and
Novatek's board. local media reports on April 21. the US. But sanctions have prevented the supply
55-year-old Sergei Protosenya, a former of key international equipment and technology
chief accountant at Novatek as well as a previ- to its upcoming Arctic LNG-2, casting doubt
ous member of the company’s board, was found about whether the project will be completed.
at the rented villa in the town of Lloret de Mar Novatek CEO Leonid Mikhelson conceded on
near Barcelona on April 19, Spanish news site April 21 that the project might miss its 2023
Telecino and other local media reported. Police launch deadline because of the challenges it
are working on the assumption that either Proto- faces.
senya killed his family and then committed sui- Signalling the financial stress that Novatek is
cide, or that a third party killed the entire family under, the company posted a terse statement on
and staged it. its website on April 22, saying it had decided not
Protosenya has an estimated wealth of to publish financial results for the first quarter of
€400mn ($433mn), according to local media. this year, nor hold its usual teleconference with
He left Novatek in 2016. investors.
The bodies were discovered just one day after Novatek also commented on Protosenya’s
another affluent Russian businessman, Vladislav death, “expressing its sincere condolences to all
Avayev, was found dead with his wife and young- those affected by this tragic situation.” He was a
est daughter at their Moscow apartment, all with “wonderful person and an excellent family man,
gunshot wounds. Avayev was formerly a vice a strong professional who has made a great con-
president at Gazprombank, the finance division tribution to the development of the company,”
of Russia’s largest gas producer Gazprom. it said.
Like many Russian oil and gas majors, This is not the first recent scandal to rock
Novatek has suffered a collapse in its stock Novatek. In September last year its deputy
price since Moscow launched its invasion of chairman, Florida businessman Mark Gyetvay,
Ukraine in late February. From a peak market was arrested in the US on tax charges relating
valuation of $79bn in September last year, its to $93mn that was allegedly hidden in offshore
worth has halved. This slump came despite accounts. Gyetvay played a crucial role in arrang-
soaring international gas prices over the last ing financing for Novatek’s first LNG project, the
half year that have led to a surge in the value $27bn Yamal LNG terminal, which came online
of stocks of many international oil and gas in December 2017. ™

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