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Novatek reported a profit attributable to shareholders of 225.6 billion rubles ($2.74 billion) in the six-month period, a drop of 33.9 percent compared to 341.7 billion rubles in the first half of 2024.
The company’s profit attributable to shareholders reached 493.5 billion rubles in 2024, a rise of 6.6 percent compared to 463 billion rubles in 2023.
In the first half of this year, Novatek’s total revenues and normalized Ebitda, amounted to 804.3 billion rubes and 471.8 billion rubles, representing an increase of 6.9 percent and a decrease of 1.8 percent, respectively, the firm said.
Novatek said normalized profit attributable to its shareholders, excluding the effect of foreign exchange gains (losses), amounted to 237.1 billion rubles in the first half, 17 percent lower compared to 2024.
Earlier this month, Novatek reported a rise in its natural gas sales, including LNG, in the second quarter of this year.
The company’s natural gas sales reached 18 bcm in the second quarter, an increase of 1.1 percent year-on-year.
During the first half of this year, Novatek’s gas sales rose 0.5 percent to 39.5 bcm.
Total hydrocarbon production reached 337 million barrels of oil equivalent (mmboe) in the first half, a rise from 331 mmboe in the same period last year.
LNG projects
Novatek operates the 17.4 mtpa Yamal LNG plant in Sabetta.
It also operates the mid-scale LNG plant in Russia’s Baltic Sea port of Vysotsk with a capacity of more than 660,000 tons of LNG per year.
Earlier this year, the US sanctioned Gazprom SPG Portovaya, the Russia-based operator of the Portovaya LNG terminal, and Cryogas Vyostsk, the Russia-based operator of the Cryogas Vysotsk LNG terminal.
In addition, Novatek operates the Arctic LNG-2 export plant, which was first hit by US and EU sanctions.
In August 2024, Novatek delivered the second gravity-based structure platform from its yard near Murmansk to the site of the Arctic LNG 2 project located on the Gydan peninsula.
The company completed the second GBS despite sanctions by the US and the EU related to the Arctic LNG 2 project and LNG carriers.
According to several reports, Novatek started producing LNG at the second unit earlier this year.
There have been recent reports of sanctioned vessels loading LNG at the Arctic LNG 2 plant.
The first GBS left the Belokamenka yard in July 2024, and Novatek completed the installation on the underbase foundation on the seabed at the Utrenniy terminal in August.
The first and second GBS each have a capacity of about 6.6 mtpa.