Novatek Announces Solid Financial Results in H1

Russia’s Novatek announced solid results for the first six months of the year, reporting a 27.7% increase in total revenue with respect to the first half of 2013. The growth rate increased in the second quarter. Total revenues increased by 52.3% in the second quarter of 2014. 

‘The growth was mainly due to an increase in average prices for natural gas and liquid hydrocarbons, as well as higher liquid hydrocarbons sales volumes. Average liquid hydrocarbon sales price was positively impacted by the launch of the Ust-Luga Gas Condensate Fractionation Complex in June 2013,’ reads a document released on Wednesday.

Profit from operations jumped from 18,383 in the second quarter of 2013 to 34,491, registering a 87.6% increase.

Nonetheless, France’s Total announced that it stopped buying shares in Novatek when a Malaysian airier was shot down over Ukraine.