NOVATEK reports large increase in gas sales

Thursday, 25 July 2019
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Russian oil and gas producer, PAO NOVATEK has announced that preliminary second quarter 2019 natural gas sales volumes, including volumes of LNG sold, totalled 18.74 bill cu m.

This represents an increase of 23.7%, compared with the corresponding period in 2018.

Natural gas volumes sold in the Russian Federation in 2Q19 were 15.11 bill cu m, whereas volumes of LNG sold on international markets amounted to 3.63 bill cu m.

As at 30th June, 2019, NOVATEK had 1.4 bill cu m of natural gas, including LNG, and 629,000 tonnes of stable gas condensate and petroleum products in storage or transit and recognised as an inventory.

In addition, NOVATEK has announced the closing of the participation sale in the Arctic LNG 2 project to wholly owned subsidiary of China National Petroleum Corp (CNPC), wholly owned subsidiary of CNOOC, and a consortium involving Mitsui & Co and Japan Oil, Gas and Metals National Corp (Japan Arctic LNG).

“We now have formed the structure of the project’s participants by successfully closing the sale of interests in Arctic LNG 2,” said Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “The target level of NOVATEK’s participation has been reached, allowing us to make the final investment decision and optimally use the company's cash flow to finance our new projects.” 

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