Leonid Mikhelson ?

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Leonid Mikhelson's father headed the largest pipeline construction trust in the Soviet Union. From that Mikhelson managed to build independent gas company Novatek, which has large deposits in Yamal-Nenets region (northwestern Siberia). Mikhelson has proven to be complementary to state-ownedCK Gazprom, since he supplies Russian regions with gas at local prices, allowing the gas giant to keep more reserves on hand for lucrative export markets. Last year Gazprom bought nearly 20% of Novatek from Mikhelson and his partners, a deal widely seen as a way for the firm to ensure its survival.

MR. LEONID V. MIKHELSON, Chairman of Management Board of ОАО NOVATEK
Mr. Mikhelson was born on August 11, 1955 in Kaspijsk. He received his primary degree in 1977 from Samara Institute of Civil Engineering, specializing in Industrial Civil Engineering. The same year, Mr. Mikhelson began working as foreman of a construction and assembling company in Surgut, a city in the Tyumen region, where he built the first section of Urengoi-Chelyabinsk gas pipeline. In 1985, Mr. Mikhelson was appointed Chief Engineer of Ryazantruboprovodstroy, a pipeline construction company. Since 1987, he headed Kuibishevtruboprovodstroy, which in 1991 was the first enterprise in the region to become a private company, AO SNP NOVA (Nova). Mr. Mikhelson remained Nova’s Managing Director from 1 August, 1987 through 1 October, 1994. Subsequently, he became General Director of the management company “Novafininvest”, the structure of which included Nova among others. From 1996 to 2005, Mr. Mikhelson served as the Chairman of the Board of Directors of Tarkosaleneftegas. Currently, he is Chairman of the Executive Board and General Director of NOVATEK. Mr. Mikhelson is the recipient of the Russian Federation’s Order of Honor.

LONG BEACH -- A local teen who faced six years in state prison was given a huge break Tuesday, and a terse warning that any legal misstep in his future will land him behind bars.

Judge Bradford Andrews suspended a six-year sentence against Christopher Mikhelson, 19, after the young man waived all rights to a probation hearing and pleaded guilty to having an open container of alcohol at a local park, a violation of his drunk driving conviction from last year.

It was on June 25 that Leonid Mikhelson slammed into a Long Beach police car at Los Coyotes Diagonal and Palo Verde Avenue around 12:20 a.m. The crash nearly killed one of the officers -- who became trapped in the crushed black and white -- and ...

Investors are queueing up for a slice of a share offering by Russian gas producer Novatek, which may start trading on the London market as early as tomorrow, sources close to the offering said today.

Novatek plans to offer up to 19% of its shares in the public placement to raise up to $966 million, with an initial 17% this week and a possible "greenshoe" option at its bankers' discretion for the rest a month later.

"The book is extremely well covered throughout the price range," said one source close to the offering, adding that the book was closed except in Frankfurt, where the roadshow will continue until 1700 GMT today.

Another source close to the offering told Reuters that pricing could happen as early as today.

Novatek, which has a small number of shares listed in Moscow, has set a price range of $14.75 to $16.75 for the Global Depository Receipts placement.

One local share would be equal to 100 GDRs.

Novatek is controlled by a group of private shareholders led by chairman Leonid Mikhelson, who holds 35.5% of the company, a stake worth $1.6 billion to $1.8 billion under last week's valuation.

Novatek said 13 other managers own 24.5% of the company, while Leonid Simanovsky, a member of Russia's Duma, controls more than 6%.

Novatek has said it will offer shares of one of its core shareholders although it would not say who this shareholder is or why the shareholder seeks to sell.

In February, Novatek sold about 3% of shares to institutional investors. The Wolrd Bank's International Finance Corporation bought 1% of the company, while Russian state bank Vneshekonombank has a 5.6% stake.

It is unclear who controls the remaining 20%.

French giant Total has said it will scrap its plan to buy 25% of Novatek if it goes ahead with a major IPO, as it will leave an insufficient number of shares for the Total transaction.

The London offering is being run by joint global coordinators Morgan Stanley and UBS, who are also acting as joint lead managers and bookrunners along with Credit Suisse First Boston.

Russia's Troika Dialog is acting as co-lead manager, with Alfa Capital Markets and Vnesheconombank as co-managers.

Leonid Mikhelson

Novatek: A Gas Giant You've Never Heard Of
The reserve-rich newcomer just partnered with Total. The goal: Get even bigger fast

It's a company few people have heard of. Little is known about its owners or its origins. It isn't listed on any stock exchange and only recently began publicizing itself to investors. Oh, one more thing: It's worth around $4 billion.

Meet Novatek, a Russian gas producer that has just clinched one of the biggest foreign-investment deals in Russian history. On Sept. 22, France's Total (TOT ) announced plans to buy 25% plus one share of Novatek. According to market sources, Total will pay $1 billion. Not a bad price for a company that was only founded 10 years ago, began significant production two years ago, and is not exactly a household name even in Russia. But the price may well be worth it: "Novatek is an excellent platform for further expansion in Russia," says Kaha Kiknavelidze, oil and gas analyst at Moscow brokerage Troika Dialog.

Put Russia and natural gas together in a sentence, and most people think of Gazprom, the world's biggest gas producer. But independents such as Novatek pump out an ever-growing share. True, Novatek, with just 3% of Russia's gas output, is a mere fledgling compared with Gazprom. But while Gazprom managed to boost its output by just 3.7% last year, Novatek's was up 59%, and it's on course for a 48% hike this year, to 13.5 billion cubic meters. Novatek is sitting on top of an estimated 1.5 trillion cubic meters of gas, with audited reserves of 864 billion cubic meters of gas and 956 million barrels of crude oil.

Who are these Novatek guys anyway, and how did they acquire so much gas? Unlike most of Russia's energy companies, Novatek didn't pick up its lucrative acreage during the privatization free-for-all of the 1990s. It grew out of the Kuibishev Pipe Construction Co. in Samara, which was privatized and sold to management in 1991. Novatek's mineral wealth came later, when managers had the bright idea of diversifying into oil and gas extraction. "We didn't receive anything. Everything the company has was created during the last 10 years," says Leonid V. Mikhelson, Novatek's CEO and the former general director of the pipeline company. In 2003, Novatek reported net profits of $110 million, up from $20 million the year before.

SAVVY MANAGEMENT
Novatek owes much of its growth to smart investments. In 1994, Leonid Mikhelson and his partners teamed up with a geological exploration company to prospect for gas in the far northern Yamal-Nenets region. Mikhelson's background in pipelines gave him useful contacts there, and Novatek bought exploration licenses in the mid-1990s at a fraction of what they would cost today. "He's a smart and tough manager who has taken advantage of all the opportunities given to him," says Andrei Gavryushenko, editor of Delo, a Samara business weekly.

Pipeline access and regulated domestic prices are Novatek's biggest problems. Gazprom has no legal obligation to give access to independent producers. Russians pay $28 per thousand cubic meters for gas, compared with $120 in western Europe, while independent producers are shut out of lucrative foreign markets by Gazprom's export monopoly. Eventual liberalization of this sector may create openings for independents, and Russia has promised to hike domestic gas prices to $60. But reform has been glacial.

Novatek isn't waiting for the starter's gun. It aims to triple production of oil and gas condensate to 5.2 metric tons by 2010 and is investing heavily in refineries. Those ambitious plans require lots of cash. That's why Novatek struck a deal with Total, and why it's looking to international capital markets as well. It also explains why Novatek is revising its low-profile approach. "We weren't interested in PR. We just got on with business," says Mikhelson. The question now is whether Novatek can continue to do as well in the limelight as it has done in the shadows of Siberia.

NOVATEK may receive right to export gas in 2005. 

Energy News ;  March 1, 2004 ; 595 words ...export its gas in 2005, company CEO Leonid Mikhelson told journalists. He said that the company...not yet wound up these negotiations, Mikhelson said. However, at the same time he expressed...Gazprom is not against this, he said. Mikhelson put forward two theoretical scenarios...

VEB will cooperate with NOVATEK to build power station in Tyumen region. 

Russia & CIS Business and Financial Newswire ;  September 18, 2007 ; 515 words ...Vladimir Dmitriev and NOVATEK CEO Leonid Mikhelson signed the agreement. The agreement envisions...5 billion and maybe slightly higher, Mikhelson said. A decision has already been made...plant is near the future power station, Mikhelson said. It has a capacity of 2 million...

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