Russia’s largest independent natural gas producer Novatek reported a rise in its profit for the third quarter of this year as it continues to perform commissioning works on the third train at its giant Yamal LNG facility in the Russian Arctic.

Profit for the third quarter increased to 45.9 billion Russian rubles ($699.9m) from 37.7 billion Russian rubles reported in the corresponding quarter in 2017.

In the third quarter of this year, Novatek’s total revenues amounted to 219.4 billion rubles, compared to 130.7 billion rubles the year before.

Novatek said the increase in profit and revenue was largely due to the production launches of the first and the second LNG trains at Yamal LNG at the end of 2017 and in July 2018, respectively,

It also attributed the rise in financial numbers to a favourable macro-economic environment with increases in average realized liquids and natural gas prices.

Novatek also confirmed that it still expects to launch the third Yamal LNG train by year-end, adding that the design of the fourth LNG train is “in progress.”

The third train will have the same capacity of 5.5 million tonnes per year as the first two Yamal units.

Besides Novatek, Yamal LNG’s shareholders include France’s Total, China’s CNPC and Silk Road Fund.

LNG World News Staff