About the company NOVATEK
Security pageNOVATEK is Russia's largest gas producer that is not part of the state gas monopoly. Its main distinguishing feature is its bet on liquefied natural gas: the gas is cooled to a liquid state and carried by tanker rather than by pipeline, which makes it possible to sell it in any market in the world. The shares trade on the Moscow Exchange under the ticker NVTK.
What the company does
The company produces gas and liquid hydrocarbons on the Yamal Peninsula and in Western Siberia. The key difference from the pipeline model is that liquefied gas is not tied to the direction of a pipe. A tanker sails to wherever the price is higher today — and this makes revenue sensitive to global prices rather than to the terms of a single contract.
The second source of income is the processing of gas condensate into naphtha and other products, which are sold separately and at their own prices.
The company builds its large projects in partnership with foreign participants and finances them with project debt. This leads to an important detail in the financial statements: a significant part of profit comes in as shares in joint ventures rather than directly from sales.
Business lines
Gas and condensate production
Fields in the Yamal-Nenets district, including large assets on the Yamal Peninsula.
Gas liquefaction
Plants producing liquefied natural gas and marine logistics with an ice-class fleet.
Processing
Processing of gas condensate into naphtha and other products.
Sales
Gas supplies to the domestic market and exports of liquefied gas.
History
- 1994The company is founded, operating at fields in the Yamal-Nenets Autonomous District.
- 2004–2005Share offering in London: an independent gas producer becomes a publicly traded company of global standing for the first time.
- 2017Launch of the first large gas liquefaction plant on the Yamal Peninsula — together with a port and an ice-class fleet.
- 2021–2023Construction of the second large liquefaction project; sanctions complicate equipment deliveries and the chartering of vessels.
Business review
Strengths and weaknesses describe the business itself. Opportunities and threats describe what may happen around it.
Strengths
- Low production costs and a high-quality resource base on the Yamal Peninsula.
- Flexibility in marketing LNG compared with pipeline gas.
- Moderate debt and discipline in spending.
Weaknesses
- Sanctions on liquefaction equipment and on ice-class vessels directly hold back new trains at the plants.
- Projects are carried out in partnerships, and the company's share of profit is smaller than its share of volumes.
- LNG prices on the global market fluctuate more sharply than pipeline contracts.
Opportunities
- Global demand for liquefied gas is growing, while suppliers with access to cheap feedstock are few.
- Marine logistics makes it possible to sell in any market — a geographical flexibility that a pipeline lacks.
- The Northern Sea Route shortens the journey to Asian buyers.
- New liquefaction projects will increase capacity several times over once they reach full utilisation.
Threats
- Sanctions against liquefaction projects restrict access to equipment, technology and ice-class tankers.
- Prices for liquefied gas are volatile: they are set on the spot market and can change several times over within a season.
- A significant part of profit comes from joint ventures — the company does not have sole control over it.
- The projects are capital-intensive and stretch over years; a delayed launch shifts the entire economics of the investment.
Frequently asked questions
What does NOVATEK do?
The company produces natural gas and gas condensate, processes them and makes liquefied natural gas, which is shipped by tanker for export. Part of the gas is supplied to Russian consumers.
What is liquefied natural gas and why is it liquefied?
The gas is cooled to roughly minus 162 degrees, and it turns into a liquid, taking up hundreds of times less volume. In this form it can be carried by tanker to places where no pipeline has been laid — that is, sold in any market in the world.
How does NOVATEK differ from Gazprom?
Gazprom is a state company that owns the trunk gas transmission network and exports gas primarily by pipeline. NOVATEK is an independent producer that has bet on liquefied gas and delivery by sea, and it has no access to pipeline exports.
Issuer profile
What the company does
The company is classified under the «Oil & gas» sector, using the taxonomy we apply when comparing securities with one another.
The same sector holds 21 issuers on the platform, and their figures are computed by one method — so this company's revenue, profit and leverage can be compared with them directly.
The company is registered in Russia and identified in regulatory disclosure by tax number 6316031581. That number locates its statements in state registries regardless of how its name is spelled — and the spelling differs even between official documents.
Listed securities
The issuer has 5 securities listed: 1 share class, 4 bond issues. All are shown on this page, including those trading in different modes and different currencies.
Across Moscow Exchange quotation list levels the securities split as follows: 1 at level 1, 1 at level 2, 3 at level 3. The level reflects how strict the disclosure, turnover and track-record requirements the issue meets are — not how attractive the investment is.
Bond issues
The nearest issue matures on 27 February 2028 and the farthest on 29 May 2030. That spread means the issuer borrows both short and long, and the yields of these issues will differ for the simple reason that the money is lent for different terms.
The largest issue by face value is RU000A10BV55, with a face value of 1,000.00 $ per bond, maturing on 29 May 2030. Bond prices in the order book are quoted as a percentage of face value, so a quote of 98.4 means 98.4 % of that amount rather than an absolute price.
Dividend history
Between 2018 and 2026 the issuer made 15 payouts whose record date has already passed. A board recommendation or a forecast does not enter this history, because no money has been paid on them yet.
The most recent payout was 40.51 ₽ per security with a record date of 6 October 2026. That is the amount before tax: the broker withholds it on crediting, so less arrives in the account.
Financial statements
The most recent annual report we hold is for 2025 under RAS. The standard is named for a reason: IFRS and RAS compute the same quantities by different rules, disagree by design and are never averaged.
Revenue for 2025 was 258.00B ₽.
That is 18.4 % more than in 2024, when revenue was 217.90B ₽. The comparison stays within one reporting standard — otherwise the growth could turn out to be a change of accounting rules and nothing more.
2025 closed with a loss of −35.30B ₽.
Equity stands at 1.82T ₽ against total assets of 2.47T ₽. The difference between the two is the company's liabilities, and the larger it is relative to equity, the more the business depends on borrowed money.
This section is assembled from our own data on the company's securities, dividends and financial statements. It is a description, not a recommendation.