• 2021 February 17 14:56

    Profit attributable to NOVATEK shareholders amounted to RR 67.8 billion

    PAO NOVATEK today released its audited consolidated financial statements for the year ended 31 December 2020 prepared in accordance with International Financial Reporting Standards (“IFRS”). According to it, profit attributable to NOVATEK shareholders amounted to RR 67.8 billion (RR 22.58 per share) as compared to RR 865.5 billion in 2019.

    Excluding the effects from the disposal of interests in subsidiaries and joint ventures, as well as foreign exchange differences, Normalized profit attributable to shareholders of PAO NOVATEK amounted to RR 169.0 billion (RR 56.26 per share), representing a decrease of 31.0% as compared to 2019.

    The spread of the COVID-19 virus in 2020 and the mandated shutdowns by many governments have caused financial and economic stress to the global markets. This negative economic impact lowered demand for crude oil, natural gas and oil products, which combined with the increase in the supply of crude oil due to the cancellation of the OPEC+ production agreement in the first quarter 2020, resulted in a decline in global hydrocarbon commodity prices.

    Global economic activity began a gradual recovery during the second quarter following the partial removals of restrictions aimed at preventing the epidemic virus spread, as well as a partial recovery in benchmark crude oil prices following the new OPEC+ production agreement reached and the compliance to the target cuts. This economic and commodity price recovery continued throughout the second half of 2020 and was notable on our sequential quarter-on-quarter financial results. Nevertheless, crude oil benchmark prices are still lower than their pre-crisis levels.

    In 2020, the company’s total revenues and Normalized EBITDA, including the share in the EBITDA of joint ventures, amounted to RR 711.8 billion and RR 392.0 billion, respectively, representing decreases of 17.5% and 15.0%, as compared to 2019.

    “The decreases in total revenues and Normalized EBITDA were largely due to a decline in global commodity prices for hydrocarbons. Our revenues also decreased due to a decrease in LNG sales volumes on international markets resulted from an increase in the share of our joint venture OAO Yamal LNG direct sales under long-term contracts.

    The Group’s financial results in 2020 were significantly impacted by the unfavorable macroeconomic conditions noted above, which resulted in a decrease in our hydrocarbons sales prices and a recognition of substantial foreign exchange effects. Moreover, in both years, we recorded effects from the disposal of interests in the Arctic LNG 2 project by recognizing a gain of RR 675.0 billion from the disposal of a 40% participation interest in the Arctic LNG 2 project in 2019, and recognizing in 2019 and 2020 losses in the amount of RR 34.5 billion and RR 47.8 billion, respectively, related to the subsequent non-cash revaluation of contingent consideration on these sales. In 2019, we also recognized a gain from the reorganization of our joint venture AO Arcticgas in the amount of RR 7.8 billion.

    Our cash used for capital expenditures aggregated RR 204.6 billion as compared to RR 162.5 billion in 2019. A significant portion of our capital expenditures was attributable to the ongoing development of our LNG projects (the Arctic LNG 2 project prior to March 2019, the LNG construction center located in the Murmansk region and the Obskiy LNG project). In addition, we invested capital in the development and launch of the fields within the North-Russkiy cluster (the North-Russkoye, the East-Tazovskoye and the Dorogovskoye fields), the development of our producing fields (the Beregovoye, the Yurkharovskoye, the West-Yurkharovskoye and others), the development of crude oil deposits of the East-Tarkosalinskoye and Yarudeyskoye fields, and capital spent on exploratory drilling.

    Our total natural gas production including our proportionate share in the production of joint ventures increased by 3.6% as compared to 2019.

    Our total liquids production including our proportionate share in the production of joint ventures increased by 0.7% compared to 2019 mainly due to an increase in the production at Arcticgas and the commencement of gas condensate extraction at the North-Russkiy cluster (see above), which completely offsets declines in production at mature fields of our subsidiaries and joint ventures, and allows to maintain full capacity utilization at our processing facilities in the long term”, says the company’s statement.

    PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. 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 mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol “NVTK”.




2024 April 13

15:04 Subsea7 awarded contract in the Gulf of Mexico
13:51 Shanghai Electric’s 'ZHI ZHEN 100' excels thorough offshore equipment test
11:18 WSC: Updated version released of “Prevention of Pest Contamination of Containers: Joint Industry Guidelines for the Cleaning of Containers”
09:43 Financiers and insurers ready to support electrification of the domestic harbour craft sector

2024 April 12

18:02 The first LNG bunkering operation performed at Klaipeda Port
17:32 Nexans announces keel laying ceremony for the CLV vessel
17:19 Arctia to map offshore wind farm area in Norway
17:17 SBM Offshore to construct and install FPSO Jaguar
16:46 OOIL's revenue decreases by 9% in Q1 2024
16:13 Wan Hai Lines holds ship naming ceremony for new vessels
14:45 Oil exports from Russia's Baltic ports set to rise 5% in April - Reuters
12:49 MABUX: Bunker Outlook, Week 15, 2024.
11:41 PaxOcean Group starts construction of the first all-electric tug and supply boat
11:27 MOL inaugurates the largest green hydrogen plant in Central and Eastern Europe
10:58 NYK set to achieve world's first truck-to-ship fuel ammonia bunkering

2024 April 11

18:03 INFODAS granted world’s first type approval for software-defined data diode
17:31 The Maritime and Port Authority of Singapore receives 19 proposals to support early adopters of electric port vessels
17:03 Japanese joint venture explores MAN B&W 60-bore ammonia engine for bulker
16:45 WTO forecasts rebound in global trade but warns of downside risks
16:02 Hitachi Zosen Corporation, MOL and Yanmar Power Technology achieve a 93.8% reduction in methane slip from LNG-powered vessels
15:42 MOL holds naming and launching ceremony for the 1st LNG-fueled ferry on Oarai-Tomakomai route
15:18 Bahamas port goes electric with Konecranes Gottwald Generation 6 Mobile Harbor Crane
14:45 Mediterranean shipwreck kills at least 8 migrants, dozens rescued
14:28 Siem Offshore announces sale of 9 vessels to majore shareholder
14:23 Russia begins diesel exports to Sudan, LSEG data shows
13:44 JSI Alliance completes scope in Basrah Refinery Upgrading Project
13:12 MITSUI to jointly develop ammonia fueled bulk carriers with five partners
12:32 Kongsberg Maritime to supply Promas propulsion systems for the USCG’s new OPC programme
10:54 CWS Airfin350 receives AiP from Bureau Veritas
10:22 Nesec contributes to the funding of maritime battery developer EST-Floattech
09:52 Finnlines launches new service between Malmo and Swinoujscie

2024 April 10

18:20 First companies confirmed for innovation hub NextGen Demo in the port of Antwerp-Bruges
17:01 ClassNK issues type approval certificate for CBM management software developed by Samsung Heavy Industries
16:40 DNV awards AIP to HMD for new ammonia-powered LPG carrier designs
16:09 Kongsberg to provide maritime surveillance services to Norway
14:42 NYK completes basic design process using only 3D drawings for new oceangoing vessel
14:26 Japan's 1st hydrogen and bio fuel hybrid passenger ship 'Hanaria' starts service in Kitakyushu
13:42 The Port of Antwerp-Bruges to receive €3.2 million in EU subsidies to install an onshore power installation for cruise ships in Zeebrugge
13:17 Maersk employees innovate a system to deliver fresh water from Maersk’s vessels to ports
12:43 PetroChina plans to increase the number of LNG tankers to 25 by 2030
12:07 Ningbo-Zhoushan port container volume up 11.7% to 9.14 million TEU in Q1 2024
11:50 Hambantota International Port, Sri Lanka, commences container operations
11:25 Galveston LNG Bunker Port plans to build liquefied natural gas plant at Houston port complex
10:57 Mitsubishi Shipbuilding receives order for ammonia fuel supply system for ammonia-powered marine engine
10:29 Wallenius Wilhelmsen secures multi-year contract with global player in the premium car segment
09:58 Marlink’s next generation network solution enhances onboard digital experience at TUI Cruises

2024 April 9

18:06 Rolls-Royce, Landmark and ASCO collaborate on CO2 recovery power generation solutions
17:31 TotalEnergies expands its partnership with SONATRACH in Algeria
17:13 Cosco Shipping Heavy Industry expands Zhoushan ship repair capacity
16:41 Largest ship-to-ship LBM bunkering executed by STX Group, Hapag-Lloyd and Titan Clean Fuels
16:01 The Maritime and Port Authority of Singapore and ST Engineering AirX collaborate on Wing-in-Ground trials
15:53 HD Korea Shipbuilding wins 631.9 bln-won order for 4 ammonia carriers
15:13 Berge Bulk launches hyper-efficient Newcastlemax vessel
14:43 ZIM overtakes Yang Ming to become 9th largest container line
14:22 ClassNK grants Innovation Endorsements for Products & Solutions to two elemental technologies of “CMP-MAP”
12:41 Silverstream completes further LNG retrofit of Silverstream System at Seatrium yard in Singapore
12:11 Bureau Veritas awards AiP for methanol dual fuel system to Sasaki Shipbuilding
11:30 Fincantieri is finalizing a major agreement with Norwegian Cruise Line Holdings to construct four cruise ships
11:00 Stena Line acquires shares in Africa Morocco Link
10:43 Wartsila ANCS unveils NACOS PLATINUM Solid State X-Band Radar
10:23 Korean shipbuilders increase orders for LPG and LNG tankers in the first quarter of 2024
09:51 The Hellenic Ports Association and the Association of Passenger Shipping Companies sign MoU

2024 April 8

18:04 Pembina Pipeline Corporation announces significant progress on Cedar LNG
17:24 AP Moller - Maersk challenges the sale to ICTSI of the largest container port in sub-Saharan Africa
17:02 Orsted and Cadeler sign long-term agreement for offshore wind installation vessel capacity
16:35 G2 Ocean fleet expands with up to four additional dual-fuel vessels
16:05 Damen to supply steering gear, bridge controls and propeller nozzles for four new Royal Bodewes cargo and ro-ro vessels
15:42 RINA and World Bank Group sign new contract to support green Indonesia's maritime transport
15:10 ClassNK issues SOF for analysis of hull performance and operational profile for ship in service
14:45 Schedule reliability of major shipping lines improves in February 2024