Russia’s Novatek, the developer of the Yamal LNG project, reported a plunge in profit during the second quarter this year.
The company’s net profit for the period reached RR 3.23 billion ($50.2 million) during the second quarter this year, dropping 92.9 percent compared to the corresponding period last year.
The company’s revenue, however, dropped 5.8 percent for the quarter, reaching RR56.1 billion during the quarter significantly affected by lower average realized prices in Russian rouble terms for most of the company’s liquid hydrocarbon products as well as the decrease in liquid hydrocarbons sales volumes.
Novatek’s natural gas sales volumes totaled 14.4 billion cubic meters (bcm) in the second quarter of 2017, increasing 2.3 percent over the corresponding period last year, due to the increased demand for natural gas from end-customers.
As at the end of the first half 2017, the total amount of natural gas recorded as inventory totaled 0.6 bcm compared to 1.7 bcm as at the end of the first half 2016.
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