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Novatek expects profit drop due to declining LNG prices — CEO

"Such situation is generally characteristic of the industry at present," Leonid Mikhelson said

ST. PETERSBURG, June 20. /TASS/. Novatek expects a drop in profits and EBITDA in this year due to plummeted liquefied natural gas (LNG) prices, CEO of the Russian gas producer Leonid Mikhelson told reporters on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

"Our EBITDA will be about 25% lower; profits will drop by about 30%. A significant decline in LNG prices against the last year is the reason. Such situation is generally characteristic of the industry at present," Mikhelson said.

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Novatek LNG SPIEF-2023

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