The Moscow Times - 17:43 ET Mar 14, 2010NOVATEK OAO (NVTK)
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Alexander Burgansky
at
Renaissance CapitalNovatek shares closed up 0.4 percent on the MICEX, underperforming the broader MICEX oil and gas index, which rose 1.4 percent.
"We expect Novatek's share price performance in the coming months will be largely shaped by its ability to meet market expectations on production growth and gas price increases," Alexander Burgansky, a gas analyst at Renaissance Capital, said before the results were published. Both output and price "are being challenged by the increasing competitiveness of the domestic gas market.".
Novatek produced 32.4 billion cubic meters of gas, a 6.3 percent increase from 2008, the company said. Liquids output rose 19 percent to 3.04 million tons.
Share:
<span class="company">Novatek</span> shares closed up 0.4 percent on the MICEX, underperforming the broader MICEX oil and gas index, which rose 1.4 percent.<span class="sent"> "We expect <span class="company">Novatek</span>'s share price performance in the coming months will be largely shaped by its ability to meet market expectations on production growth and gas price increases," <span class="analyst">Alexander Burgansky</span>, a gas analyst at Renaissance Capital, said before the results were published.</span> Both output and price "are being challenged by the increasing competitiveness of the domestic gas market.". <span class="company">Novatek</span> produced 32.4 billion cubic meters of gas, a 6.3 percent increase from 2008, the company said. Liquids output rose 19 percent to 3.04 million tons.
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