OJSC «Severneftegazprom» Published Annual Financial Statements for the First Half of 2017

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OJSC «Severneftegazprom» (hereinafter - Company) published annual financial statements for the first half of 2017, prepared in accordance with International Financial Reporting Standards (hereinafter - IFRS).

The change in total comprehensive income for the first half of 2017 compared with the previous reporting period was influenced by the following main factors:

- An increase in revenue from gas sales in the first half of 2017 by RR 2,618 million, or by 11% compared with the previous period, due to the rising price of gas determined by a formula in accordance with the Shareholders' Agreement and gas supply contracts. Revenue from sales for the first half of 2017 amounted to RR 25,725 million;

- An increase in costs of sales of commercial gas by RR 3,386 million or by 22% due to the rising deduction of MET (Average MET rate has increased from RR 864 per 1000m3 to RR 1,110 per 1000m3 in comparison with the same period of 2016). Costs of sales of commercial gas for the first half of 2017 are amounted to RR 18 703 million.

The total comprehensive income of OJSC «Severneftegazprom» under IFRS based on the results of financial and economic activities for the reporting period amounted to 5,312 million rubles.

Full version of IFRS Financial Statements is available at:

 2019 OJSC Severneftegazprom