Novatek, Russia’s largest independent gas producer and the second-largest natural gas producer returned to profit in the Q3 thanks to rising sales after making a loss a year ago, the company reported on October 26, 2016.
Net profit for July-September 2016 reached 36.5 billion roubles ($586 million).
Q3 sales increased by 8 % at 126.5 billion roubles.
Cashflow, meanwhile, jumped to 35.7 billion roubles from 4.6 billion roubles, its highest ever Q3 showing.
Novatek has ramped up output thanks to new deposits such as the Yarudeiskoye oil field, with results showing marked improvements since weakness in the Russian currency sent it to a 13.4 billion rouble ($215 million) loss in last year's Q3.
The company expects to produce slightly less gas in 2017, announced on October 24, 2016, Novatek´s CEO Leonid Mikhelson.
«There will be some small decline in 2017 (gas) output, but we have the resources to maintain volumes and the quantities needed for the domestic market,» he said.
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