NOVATEK processed over 1 mln t of stable gas condensate at port Ust-Luga in QI'14
In the first quarter 2014, NOVATEK processed 1,005 thousand tons of stable gas condensate at the Ust-Luga Complex launched in June 2013, the company says in its press release.
At 31 March 2014, NOVATEK had 806 mmcm of natural gas and 434 thousand tons of stable gas condensate and its products in storage or transit and recognized as inventory.
The year-on-year increase in natural gas recorded as inventories was due to abnormally warm weather conditions in the fourth quarter 2013 and first quarter 2014 across NOVATEK’s key regions of sales, the statement says.
In June 2013, NOVATEK launched the first stage of the Gas Condensate Fractionation and Transshipment Complex located at the port of Ust-Luga on the Baltic Sea. Gas condensate is delivered to Ust-Luga from the Purovsky Plant (Novatek). The Purovsky Plant is located in the YNAO and is in close proximity to the East-Tarkosalinskoye field.
The Ust-Luga Complex processes stable gas condensate into light and heavy naphtha (some 70% of all products), jet fuel (about 13%), bunker fuel and LPG.
Overall gas condensate processing capacity at Ust-Luga is 6 million tonnes per year. The complex is to reach its full capacity by late 2014-early 2015. Besides, capacity reserve is 15%. Investments into the first stage made about RUB 20 bln. Some RUB 2-3 bln is supposed to be invested into the development.
NOVATEK is Russia’s largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 90% of Russia’s natural gas production and approximately 17% of the world’s gas production. NOVATEK is an open joint stock company established under the laws of the Russian Federation.
