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Novatek’s 2018 profit increases after Yamal LNG startup

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According to Reuters, Novatek has announced that its net profit in 2018 increased by 4.7% to reach US$2.5 billion due to the start of LNG production.

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/

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