Novatek’s Q1 profit jumps

Russia’s Novatek, operator of the giant Yamal LNG project recorded almost a four-fold rise in its profit in the first quarter of this year.

Novatek’s profit jumped to 116 billion rubles ($1.78 billion), as compared to 31 billion rubles in the first quarter 2015.

Profit for the first quarter was boosted by the closing of a transaction for the sale of a 9.9% equity stake in the $27 billion Yamal LNG project to China’s Silk Road Fund (SRF), Novatek said on Wednesday.

Excluding this deal, Novatek’s normalized profit totaled 58.2 billion rubles, an 87.4% increase as compared to the year before.

In the first quarter, the company’s total revenues increased to 139.4 billion rubles, or by 22.5% on year largely due to an increase in liquids sales volumes and the combined growth in natural gas sales prices and volumes, Novatek said.

 

LNG World News Staff

 

 

 

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