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Russian gas producer Novatek posts 34% net income growth in 2007

MOSCOW, April 21 (RIA Novosti) - Novatek [RTS: NVTK] said on Monday its net income, calculated to International Financial Reporting Standards, increased 33.7%, year-on-year, in 2007, to 18.73 billion rubles (about $780 million).

Russia's largest independent gas producer said its revenues in the reporting period grew 26%, to 62.32 billion rubles (about $2.6 billion).

Novatek said early in April that its proven SEC-standard natural gas reserves had grown 0.3% year-on-year in 2007 to 653 billion cubic meters.

Established in 1994, Novatek handles 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.

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