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Novatek 2013 Profit Rose 58% After Deals With Rosneft, CNPC

OAO Novatek, Russia’s largest private gas producer, said 2013 profit rose 58 percent on gains from the sale of a stake in its Yamal project and an asset swap with OAO Rosneft.

Net income increased to 110 billion rubles ($3.1 billion) from 69.5 billion rubles a year earlier, the Tarko-Sale, Siberia-based company said today in a statement.

Novatek listed a gain of 33.8 billion rubles before tax from an agreement with Rosneft in which it disposed of a stake in the Sibneftegas venture and increased a holding in another Siberian company, SeverEnergia.

China National Petroleum Corp. paid $1.1 billion for a 20 percent stake in the Yamal liquefied natural gas venture in January and February this year, according to the statement. Novatek listed 3.85 billion rubles of non-cash gains from the CNPC deal in 2013 profit.

Sales rose to 298.2 billion rubles from 211 billion rubles a year earlier. Profit excluding disposals was 79.8 billion rubles.

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