December 03, 2008

Novatek net income in 2007 up by 33.7% YoY

RIA Novosti reported that Novatek net income calculated to International Financial Reporting Standards increased by 33.7% YoY in 2007 to RUB 18.73 billion.

Novatek said its revenues in the reporting period grew 26% to RUB 62.32 billion. It said early in April that its proven SEC-standard natural gas reserves had grown 0.3% YoY in 2007 to 653 billion cubic meters.

Novatek established in 1994 handles prospecting, production and refining of gas and liquid hydrocarbons. Its gas fields are located in the Yamal-Nenets autonomous area which has the world's largest natural gas reserves. The region accounts for over 90% of Russian natural gas output and around 20% of global gas production.