NOVATEK announces fall of net profit by a half to RUB 7.3 bln in QI'15

In January-March 2015, net profit of NOVATEK calculated under Russian Accounting Standards fell by a half, year-on-year, to RUB 7.324 bln, the Company says.

The Company’s revenue increased by 13% to RUB 90.308 bln.

OAO NOVATEK is Russia’s largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 90% of Russia’s natural gas production and approximately 17% of the world’s gas production. NOVATEK is an open joint stock company established under the laws of the Russian Federation.