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Novatek CEO Leonid Mikhelson. Image courtesy of Wikimedia Commons.

Russia-based gas production company Novatek’s second quarter revenues were up by 52 percent over the same period last year.

The company and its subsidiaries had a second quarter EBITDA of US$1.04 billion (RR 36.9 billion), a 70 percent increase compared to the second quarter of 2013.

Novatek is Russia’s largest independent gas producer and the second largest natural gas producer.

The profit growth is mainly due to an increase in average prices for natural gas and liquid hydrocarbons and a higher liquid hydrocarbons sales volumes, Novatek said.

Novatek’s second quarter results beat analysts forecasts and almost tripled year-on-year, Reuters said.

Natural gas production and sales volumes were also up compared to the second quarter of 2013.

Liquid hydrocarbon sales volumes in the second quarter rose by 59.2 percent.

Novatek said it’s not concerned that a new round of U.S. and EU sanctions will hurt its bottom line.

The sanctions are limiting the company’s access to Western funds.

Novatek is currently collaborating with France’s Total and China’s CNPC on the Yamal LNG, a US$27 billion liquefied natural gas project in the Russian Arctic.

“I do not see any potential impact on Yamal LNG,” Novatek CEO Leonid Mikhelson said.

There have been no direct sanctions against the Russian gas sector by either the U.S. or the EU.

“Management will continue to closely monitor the economic and political environment in Russia and the world community, as well as the domestic and international capital markets to determine if any further corrective and/or preventive measures are required to sustain and grow our business,” the company said in a statement.