Novatek core earnings soar 90% on high gas prices
Russia's second-largest gas producer Novatek enjoyed a 90% growth in core earnings (EBITDA) in 2021 to 748bn rubles ($9.9bn), company results published on February 16 showed, as its LNG exports fetched higher prices on the international market.
Net profit grew to 433bn rubles from only 67.8bn rubles a year earlier, on the back of a climb in revenues to 1.16 trillion rubles, from 711.8bn.
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In addition to higher oil and gas prices, Novatek gained from the launch of three deposits in the North-Russkiy cluster in west Siberia, helping to lift its gas output by 3.3% last year.
Novatek's flagship project is the 17mn metric ton/year Yamal LNG liquefaction terminal. It is due to launch a second export facility, the 20mn mt/yr Arctic LNG-2, in 2023.