OREANDA-NEWS. OAO NOVATEK released its consolidated interim condensed financial statements as of and for the three months ended 31 March 2016 prepared in accordance with International Financial Reporting Standards.

Our natural gas sales volumes totalled 17.8 bcm, representing an 11.3% increase as compared to 16.0 bcm in the corresponding period in 2015.

Higher natural gas sales volumes were a result of consumption recovery by one of our major customers following a temporary decline for technical reasons in the first quarter 2015, as well as the development of gas trading at the commodity exchange and higher volumes sold to traders. In the first quarter 2016 the total amount of natural gas recorded as inventory decreased by 898 mmcm to 429 mmcm as compared to a decrease by 395 mmcm in the first quarter 2015.

Liquid hydrocarbon sales volumes aggregated a record 4.6 million tons in the first quarter 2016 representing an increase of 63.8% as compared to the first quarter 2015. This significant increase was due to the launch of the Yarudeyskoye oil field and the Termokarstovoye gas and gas condensate field, as well as production growth at the Arcticgas fields and a decrease in inventory.

As at 31 March 2016, 612 thousand tons of liquid hydrocarbons were in transit or storage and recognized as inventory representing a decrease by 298 thousand tons as compared to the end of 2015.