NOVATEK REPORTS INTERIM CONSOLIDATED CONDENSED IFRS RESULTS FOR THE FIRST HALF 2004
Moscow, October 19, 2004. OAO «NOVATEK (the «Company») today reported record earnings in its first half 2004 consolidated interim condensed financial results prepared in accordance with International Financial Reporting Standards («IFRS») and reviewed by PricewaterhouseCoopers.
The Company noted that major contributors to the increase in its earnings were continued growth in natural gas and liquids production from the Yurkharovskoye and Khancheyskoye fields, together with strong domestic and international commodity prices.
Total revenues and other income grew by 93% to RUR 12,793 million for the
Gross natural gas production for the
In June 2004, the Company completed the divestiture of its oil and gas constructions services and other
Beginning in January 2004, OAO NOVATEK has commenced delivery of natural gas to the Tyumen and Kurgan regions at prices regulated by the Federal Tariff Service (formerly Federal Energy Commission).
During the year the Company plans to deliver up to 2 bcm to its customers in these regions. On the 1 of July, 2004, the Company invested approximately 2,496 million RUR into the construction of the Purovskiy Gas Condensate Processing Plant, which is scheduled to begin its operations in the beginning of the first quarter 2005.
The full set of consolidated IFRS financial statements and notes thereto are available in the Investor Relations section
Cautionary statement relevant to
Some of the information in this press release may contain projections or other
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.