Novatek’s revenues climb

Russia’s Novatek, said its total revenues in the third quarter and nine months 2014 increased 12.0% and 22.2%, as compared to the corresponding periods of 2013.

The growth in total revenues, reaching RR 84, 733 million in third quarter and RR 261,779 million for the nine months of 2014 was mainly due to an increase in sales volumes of liquid hydrocarbons and natural gas as well as an increase in the average sales price of natural gas. The increase of total revenues for nine months 2014 was also positively impacted by the growth in the average sales price of liquid hydrocarbons.

Growth in the average natural gas sales price was driven by higher share of end customers in the overall natural gas sales volumes mix, whereas the start of sales of higher value added products from the Ust-Luga Gas Condensate Fractionation and Transshipment Complex launched in June 2013 had a positive impact on the average price of liquids.

In the third quarter, Novatek’s natural gas sales volumes increased to 14.9 billion cubic meters, or by 3.8%, as compared with the corresponding period in 2013, due to an increase in production volumes of the company’s subsidiaries at the Yurkharovskoye field and the Olimpiyskiy license area.

For the first nine months 2014, the company’s natural gas sales volumes increased by 1.0% as compared to the first nine months 2013, and aggregated 48.2 bcm.

1 Russian ruble = 0.023337 U.S. dollars

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LNG World News Staff, Image: Novatek