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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  PAO NOVATEK    NVTK

PAO NOVATEK

(NVTK)
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NOVATEK : Partners Held a Regular Virtual Meeting to Discuss Status of Arctic LNG 2

11/25/2020 | 04:07am EST

25 November 2020

Moscow, 25 November 2020.PAO NOVATEK ('NOVATEK' and/or the 'Company') announced that a regular working meeting was held regarding the status of Arctic LNG 2 project ('Project') with the respective management of the partner companies. The working meeting, which took place in the form of a videoconference, was attended by Leonid Mikhelson (NOVATEK), Patrick Pouyanné (TOTAL), Huang Yongzhang (CNPC), Xu Keqiang (CNOOC), Tatsuo Yasunaga (Mitsui) and Tetsuhiro Hosono (JOGMEC) (collectively, the 'Partners').

During the meeting, the Partners discussed the significant progress on implementing the Arctic LNG 2 project, despite the COVID-19 pandemic. Currently, the overall Project progress is estimated at 29%, with concrete casting of the first GBS platform estimated to be 67% completed. The module fabrication yards are working at full capacity and modules are expected to be completed and shipped according to schedule. The modules fabrication progress for the first GBS is estimated at 46%.

In addition, 17 production wells have already been drilled at the Utrenneye field with three (3) drilling rigs in operation. Two (2) more drilling rigs are expected to be mobilized before year end 2020. The estimated completion of the Utrenniy Terminal is 69%, with the berth expected to be completed in first quarter of 2021. More than 7.5 billion US dollars were financed by Project's participants.

The Partners also discussed the current status of the Project's external financing and confirmed their focus on ensuring its completion in the nearest future.

PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. Upstream activities of the Company's subsidiaries and joint ventures are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world's largest natural gas producing area and accounts for approximately 80% of Russia's natural gas production and approximately 15% of the world's gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company's shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol «NVTK».

Disclaimer

OAO Novatek published this content on 25 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 November 2020 09:06:08 UTC


© Publicnow 2020
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Financials (USD)
Sales 2020 9 545 M - -
Net income 2020 1 220 M - -
Net Debt 2020 2 503 M - -
P/E ratio 2020 40,9x
Yield 2020 1,91%
Capitalization 56 302 M 56 302 M -
EV / Sales 2020 6,16x
EV / Sales 2021 5,07x
Nbr of Employees -
Free-Float 61,8%
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Technical analysis trends PAO NOVATEK
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 178,81 $
Last Close Price 187,50 $
Spread / Highest target 15,2%
Spread / Average Target -4,64%
Spread / Lowest Target -44,0%
EPS Revisions
Managers and Directors
NameTitle
Leonid Viktorovich Mikhelson Chairman-Management Board & Executive Director
Alexander Yegorovich Natalenko Chairman
Sergey Vladimirovich Vasyunin Director-Operations & Deputy Chairman
Mark Anthony Gyetvay CFO & Deputy Chairman-Management Board
Andrey Igorevich Akimov Director
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