OREANDA-NEWS. OAO NOVATEK today released its consolidated interim condensed financial statements as of and for the three and six months ended 30 June 2016 prepared in accordance with International Financial Reporting Standards (“IFRS”).

Our natural gas sales volumes totalled 14.1 billion cubic meters (bcm) in the second quarter 2016 and 31.8 bcm in the first half 2016. Compared to the first half 2015 the sales volumes increased by 4.5% which was mainly due to the development of gas trading at the Saint-Petersburg commodity exchange and higher volumes sold to traders. As at the end of the first half 2016, the total amount of natural gas recorded as inventory totalled 1.7 bcm compared to 1.6 bcm as at the end of the first half 2015.

In the second quarter 2016, liquid hydrocarbon sales volumes amounted to 4,139 mt, representing a 42.2% increase in volumes sold as compared to the second quarter 2015. As a result, in the first half 2016, liquid hydrocarbon sales volumes grew to 8,781 mt, representing a 52.8% increase as compared to the first half 2015. This significant growth was largely due to the launch of the Yarudeyskoye oil field in December 2015 and the Termokarstovoye and Yaro-Yakhinskoye gas and gas condensate fields in the first half 2015. The dynamics of our liquids sales volumes was also positively impacted by decrease in liquids inventories by 240 mt in the first half 2016 compared to the increase by 72 mt in the first half 2015. As at 30 June 2016, 670 mt of liquid hydrocarbons were in transit or storage and recognized as inventory.