Support The Moscow Times!

Novatek Q1 Net Revenue Up

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)

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.