Novatek Green Energy

History

2023: Selling the Company to Employees

Novatek's Polish subsidiary Novatek - Novatek Green Energy - was sold to its employees. This deal became known in October 2023.

According to TASS, the only shareholder of Novatek Green Energy - the Swiss Novatek Gas & Power GmbH - sold its entire stake in the company. It was acquired by GELEO, which was previously created by Novatek Green Energy employees to buy back shares . Financial and other terms of the deal were not disclosed.

Novatek Green Energy sold to its employees

In accordance with the current legislation, GELEO today appealed to the relevant authorities of the state administration with a request to remove from the sanctions list and cancel temporary forced management, so that it will be possible to resume operating activities and thereby save more than 120 jobs and save the enterprise itself, created by the many years of efforts of its employees, - said in a statement GELEO dated October 6, 2023.

2022: Sanctions

Warsaw imposed sanctions against Novatek and its subsidiary Novatek Green Energy in April 2022. Due to restrictive measures, interruptions in gas supply temporarily arose in the country. The Polish Ministry of Internal Affairs linked problems with the supply of fuel with sanctions against Novatek and the decision to stop deliveries.

Polish sanctions provide for the freezing of financial assets and property of these companies, the exclusion of the possibility of their participation in tenders, and in the case of entrepreneurs - a ban on entry into the territory of Poland.

Novatek Green Energy sold propane-butane and liquefied natural gas in Poland. After the imposition of sanctions, the company stopped supplying liquefied petroleum gas to Polish consumers. For this reason, several dozen Polish cities and villages were left without gas supply. The Polish government obliged the company to provide access to its infrastructures to state-owned companies so that they could supply gas to these areas. After this government decision, Novatek appealed to the EU court.^[1]

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