Volga Resources Raises Stake in Novatek Above 23%

LUXEMBOURG, July 21, 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 23.13% after purchasing 2.36% in recent market transactions.

The Federal Antimonopoly Service of the Russian Federation granted
approval for Volga to acquire up to 23.49% of Novatek in 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 and financial services in Central and Eastern
Europe, CIS, Russia and Turkey.

More information is available at www.volga.lu

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 and processing of natural gas and
liquid hydrocarbons and had 6.86 billion oil equivalent barrels of proved
reserves at the end of 2009. The Company's upstream activities are
concentrated in the 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 please contact:

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

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

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