Novatek, a Russian company, says its net profit for 2024 will rise to $5.2 billion
Novatek, Russia's largest LNG producer, announced on Wednesday that its net profit for 2024 increased by 6.5% and reached 493.5 billion Rubles ($5.18 Billion) as production increased.
Novatek is a major target of Western sanctions against Russia due to the conflict in Ukraine. The new Arctic LNG 2 project, tentatively started production of LNG in December 2023 on the Gydan Peninsula, which extends into the Kara Sea. However, the product has been difficult to sell.
Foreign shareholders were forced to freeze their participation in Arctic LNG 2 and Novatek issued a force majeure warning that it would be unable to honor its contractual obligations.
On Wednesday, the company said that revenue would rise to 1,55 trillion roubles by 2024, up from 1,37 trillion roubles for 2023.
Last year, its debt increased by 15,4 times to reach 141.6 billion Russian roubles. Meanwhile, daily hydrocarbons output rose by nearly 3% to 1,82 million barrels equivalent to oil.
The normalized profit attributable by shareholders to the company, without taking into account foreign exchange gains or losses, increased 4.6% in 2024 to 553.4 billion Russian roubles.
(source: Reuters)
