The Russian company launched its Yamal LNG project in December 2017 as part of the country’s aim to increase its share on global energy markets.
Reuters reports that Moscow-traded shares in the Russian company increased by 1.3%. Other project stakeholders include Total, CNPC and the Silk Road Fund.
According to Reuters, not including the impact of foreign exchange differences, in addition to the one-time effect from the disposal of interest in joint ventures, the company’s profit reached 232.9 billion roubles (an increase of 49%).
Novatek reportedly cited the increased price of oil and gas as helping to lift earnings. Reuters reports that Novatek’s revenue last year reached 831.8 billion roubles (an increase of 42.6%). At the same time, gas production reached 68.8 billion m3 (an 8.5% increase), and oil and gas condensate output reached 11.8 million t (a 0.3% increase).
Read the article online at: https://www.lngindustry.com/liquefaction/22022019/novateks-2018-profit-increases-after-yamal-lng-startup/