Novatek said Friday that its first- quarter net profit attributable to shareholders rose 13.2 percent to 21.25 billion rubles ($704.93 million).
The company said its revenue was 54.37 billion rubles in the first three months of 2012 versus 44.9 billion rubles for the same period last year.
Novatek produced 14.66 billion cubic meters of gas in the first quarter of 2012, up from 13.43 bcm in the first quarter of last year, an increase of 9 percent. It is aiming to more than double annual gas production to 12.5 bcm in 2020 through the launch of half a dozen or more new fields, including a source of gas for Yamal LNG, a project to build Russia's second liquefied natural gas plant in partnership with Total.
(Reuters)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
