OREANDA-NEWS. On May 31, 2007 OAO NOVATEK released its consolidated interim condensed financial information for the three months ending 31 March 2007 prepared in accordance with International Financial Reporting Standards (“IFRS”), reported the press-centre of  OAO NOVATEK.

In the three months ended 31 March 2007, profit attributable to shareholders of OAO Novatek increased by RR 630 million as compared to the corresponding period in 2006 due to a combination of increased natural gas and liquids sales volumes and higher prices for natural gas.

As at 31 March 2007, 182 thousand tons of stable gas condensate was recorded as “goods in transit” compared to 141 thousand tons as at 31 March 2006. NOVATEK also recorded 107 million cubic meters of natural gas as inventory and held in underground storage facilities maintained by OAO Gazprom. Natural gas volumes injected into underground storage facilities fluctuate period-to-period depending on market conditions, storage capacity, and field development plans.   

The full set of consolidated interim condensed IFRS financial information, the notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations are available on the Company’s web site (www.novatek.ru).