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NOVATEK announces First Quarter 2007 IFRS results
31 May 2007
Moscow, 31 May 2007. OAO NOVATEK today released its consolidated interim condensed financial information for the three months ending 31 March 2007 prepared in accordance with International Financial Reporting Standards («IFRS»).
First Quarter 2007 IFRS Financial Highlights
In the three months ended 31 March 2007, profit attributable to shareholders of OAO Novatek increased by RR 630 million as compared to the corresponding period in 2006 due to a combination of increased natural gas and liquids sales volumes and higher prices for natural gas.
Selected Operating Highlights
As at 31 March 2007, 182 thousand tons of stable gas condensate was recorded as «goods in transit» compared to 141 thousand tons as at 31 March 2006. NOVATEK also recorded 107 million cubic meters of natural gas as inventory and held in underground storage facilities maintained by OAO Gazprom. Natural gas volumes injected into underground storage facilities fluctuate
Selected Balance Sheet Items
The full set of consolidated interim condensed IFRS financial information, the notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations are available on the Company’s web site (www.novatek.ru).
PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. Upstream activities of the Company’s subsidiaries and joint ventures are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol «NVTK».
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