Russia’s Novatek reports 2.7% rise in natural gas sales in 2023

Russia’s largest independent natural gas producer, Novatek, increased its natural gas sales by 2.7% to 78.6 billion cubic meters (bcm) last year, including liquefied natural gas (LNG), the company announced on Wednesday.

Novatel also raised its natural gas production last year to 82.4 bcm, marking a 0.9% rise compared to 2022, the company said in a statement.

Russian energy companies have been increasing LNG investments due to sanctions imposed by Western countries on gas trade and the suspension of gas transmission through the Nord Stream pipelines due to sabotage.

Novtaek is the primary shareholder of one of Russia’s major LNG projects, Arctic LNG 2, which is scheduled to begin shipping this year.

Reporting by Emre Gurkan Abay in Moscow

• liquefied natural gas (LNG)
• Russia