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Novatek increased its 2007 net profit calculated to Russian Accounting Standards
Novatek increased its 2007 net profit calculated to Russian Accounting Standards 25%, year-on-year, to 16.2 billion rubles ($690 million), Russia's largest independent gas producer said on Friday.

Net profit in October-December was 5 billion rubles ($213 million), a 26.7% rise on the third quarter, which the company said was due to higher earnings caused by an increase in prices and sales.

Novatek's natural gas output declined 0.7% in 2007 on the previous year, to 28.5 billion cubic meters.

Novatek, which trails Russian state-run energy giant Gazprom, accounts for some 29% of the country's gas output and is planning to increase its share to 40% in the next five years. In September 2006, Gazprom bought 19.4% of Novatek shares.

Established in 1994, Novatek handles the prospecting, production and refining of gas and liquid hydrocarbons. Its gas fields are located in the Yamal-Nenets autonomous area, which has the world's largest natural gas reserves. The region accounts for over 90% of Russian natural gas output and around 20% of global gas production.

The company's charter capital of 303.6 million rubles ($12.9 million) is divided into 3.036 billion shares.


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