AsiaCorporate

Novatek says it will not release Q1 results

By LNG Prime Staff
Novatek says it will not release Q1 results
Yamal LNG (Image: Novatek)

Russian independent LNG exporter Novatek said on Friday it would not release its first-quarter financial results.

“Novatek has decided not to publish its financial statements and not to hold a teleconference with investors on the first quarter 2022 financial results,” the company said in a statement.

Novatek did not provide any additional information.

Earlier this month, Novatek said its gas production had reached 20.64 billion cubic meters in the January-March period, a rise of 2.4 percent when compared to last year.

On the other side, preliminary total natural gas sales volumes, including LNG volumes, dropped 0.9 percent to 21.23 bcm in the first quarter.

Novatek’s LNG sales decreased by 1 percent to 1.86 bcm.

The company operates the giant Yamal LNG project and is building the Arctic 2 LNG facility.

It previously expected to launch the first Arctic 2 LNG train in 2023, followed by the second and the third unit in 2024 and 2025, respectfully.

However, according to a report by Interfax on Thursday, Novatek’s chief Leonid Mikhelson said that this schedule might change due to challenges in implementing the project and following several sanctions from the EU and the US over the Russia-Ukraine war.

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