NOVATEK REPORTS FIRST QUARTER 2005 FINANCIAL RESULTS ACCORDING TO RAS
Moscow, May 17, 2005. OAO Novatek (RTS: NVTK) today announced its financial results for the three months ended 31 March 2005 prepared in accordance with Russian Accounting Standards (RAS).
Novatek’s net profit for the first quarter of 2005 more than doubled year on year to RR 2,368 billion, from RR 1,087 billion for the same period of 2004. Revenues increased from RR 5,582 billion for the first quarter of 2004 to RR 8,957 billion, or 60 percent, reflecting strong growth in natural gas and liquids sales, as well as continued favorable conditions in the oil and gas markets.
Sale volumes of natural gas increased to 6.8 billion cubic meters from 4.2 billion cubic meters for the same period of 2004, while sale volumes of liquid hydrocarbons and oil products increased to 785 thousand tons in 2005 from 752 thousand tons for the first quarter of 2004.
The full RAS report for the first quarter of 2005 is available on the Company’s
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.