Press Releases and Events
Additional information on NOVATEK’s third quarter 2008 financial and operational results
Moscow, 5 November 2008. We would like to draw your attention to certain matters that occurred during the three months ended 30 September 2008 that had a direct impact on our financial and operational results for the period.
(1) During the three (3) months ending 30 September 2008, NOVATEK had withdrawn US$ 600 million of funds available through our USD denominated syndicated loan (in addition to US$ 200 million withdrawn earlier).
The Russian rouble depreciated against the US dollar by 7.6% during the third quarter 2008, resulting in a negative foreign exchange difference for the period amounting to approximately RR one (1) billion.
(2) During the period, we increased stable gas condensate (SGC) in transit, particularly volumes stored in storage tanks at the port and in rail cars, by approximately 115 thousand tons as compared to the third quarter 2007. In addition, at the period end (30 September 2008), we increased SGC in transit by approximately 88 thousand tons.
Our commercial activities in the third quarter 2008 were affected by the hurricane season in the Gulf of Mexico, particular Hurricane Ike, for delivery of SGC to the United States. Due to repairs at the receiving port in Houston, Texas, one tanker which was scheduled to arrive by quarter end was subsequently unloaded in October.
PAO NOVATEK is one of the largest independent natural gas producers 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 Area, 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.