Russia's Novatek saw its total revenue increase by around 30% to 234.1 billion Russian rubles ($3.6 billion) in the first quarter of 2019, compared to the same period last year, the company reported on Thursday.
The company said the increase was largely due to the production launch of the second and third LNG trains at the Yamal LNG terminal in the second half of 2018, as well as sales volume boosts, and net realized prices in rubles terms for the majority of the company's liquids.
In the first quarter of 2019, Novatek's natural gas sales volumes totaled 22.2 billion cubic meters (bcm), representing a 9.5% increase compared to the corresponding period in 2018, due to an increase in LNG sales volumes purchased primarily from the Yamal LNG and sold on international markets.
As at March 31, 2019, Novatek recorded 0.8 bcm of natural gas in inventory balances mainly for natural gas in underground gas storage facilities, compared to the 0.1 bcm recorded on March 31, 2018.
Novatek is one of the largest independent natural gas producers in Russia, and in 2017, entered the global gas market by successfully launching the Yamal LNG project.
By Murat Temizer