Novatek Sees Revenue Growth

Novatek, the operator of Russia’s Yamal LNG project, said that its total revenues increased by 10.1% to RR 88.7 billion in the first quarter, compared to RR 80.6 billion in the corresponding period of 2013.

The growth was mainly due to an increase in average prices for natural gas and liquid hydrocarbons partially driven by the start of sales of higher value added products following the launch of the Ust-Luga Gas Condensate Fractionation and Transshipment Complex, Novatek said in a statement.

In the first quarter of 2014, Novatek’s natural gas sales volumes decreased to 17.8 billion cubic meters (bcm), or by 5.2%, as compared with the corresponding period in 2013, mainly due to the termination of natural gas purchases from the Sibneftegas joint venture, according to the statement.

As at 31 March 2014, the total amount of natural gas recorded as inventory aggregated 837 mmcm as compared to 3,296 mmcm at the end of 2013.

1 Russian ruble = 0.028005 U.S. dollars