Volga Resources Raises Stake in Novatek Above 20%

LUXEMBOURG, March 5, 2010 - Volga Resources SICAV-SIF S.A ("Volga"), the Luxembourg-based investment
fund, announces that it has increased its shareholding in the issued share
capital of OAO Novatek ("Novatek"), the second largest gas producer in
Russia, to 20.77% after purchasing 2.57% in recent market transactions.

The Federal Anti-Monopoly Service of the Russian Federation granted
approval for Volga to acquire up to 23.49% of Novatek on 21 December 2009.

Note:

Volga Resources SICAV-SIF S.A. is a private investment fund
registered in Luxembourg in 2007. The Fund invests in projects in the oil &
gas sector, infrastructure, development, financial services in Central and
Eastern Europe, CIS, Russia and Turkey. More information is available at
www.volga.lu

OAO NOVATEK is Russia's largest independent gas producer and
the second-largest natural gas producer in Russia. Founded in 1994, the
Company is engaged in the exploration, production, processing and marketing
of natural gas and liquid hydrocarbons. The Company's upstream activities are
concentrated in the prolific Yamal-Nenets Region, which is the world's
largest natural gas producing area and accounts for over 90% of Russia's
natural gas production and 20% of the world's gas production. More
information is available at www.novatek.ru.

    For further information contact:

    Stuart Leasor
    M: Communications
    Tel: +44-20-7920-2317

    Anton Kurevin
    Mikhailov & Partners
    Tel: +7-495-956-3972

For further information contact: Stuart Leasor, M: Communications, Tel: +44-20-7920-2317; Anton Kurevin, Mikhailov & Partners, Tel: +7-495-956-3972