Novatek Profit Rises on Yamal

Russian independent producer, Novatek, reported revenues of roubles 219.4bn ($3.34bn) and earnings before interest, tax, depreciation and amortisation (Ebitda) - including shares in the Ebitda of joint ventures - at roubles 118.1bn for Q3 2018, representing increases of 67.8% and 99.2% respectively, compared to the corresponding period in 2017.

The increases were largely due to the production launches of the first and the second LNG trains at Yamal LNG at the end of 2017 and in July 2018 respectively, as well as a favourable macro-economic environment with increases in average realised liquid and natural gas prices, it said October 24.

Excluding the effect of foreign exchange differences, as well as the one-time effect from the disposal of interests in joint ventures, normalised profit attributable to shareholders was roubles 65.5bn in the third quarter of 2018 and roubles 166.7bn in the nine months of 2018, representing increases of 87.7% and 47.5% respectively, compared to the corresponding periods in 2017.