COVID-19 effects push Novatek into red

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By Adnan Bajic Russia’s largest private natural gas producer and LNG player Novatek slipped into red under the COVID-19 impacts.

Image courtesy of Novatek

Novatek reported a net loss of ₽30.7 billion ($416.8 million) in the first quarter of the year. This compares to a profit of ₽381.8 billion ($5.2 billion) reported in the first quarter of 2019.

The company noted that the profit was impacted by the effects of the COVID-19 spread on the global markets. This negative economic impact has lowered demand for crude oil, natural gas and oil products. Combined with the increase in the supply of crude oil due

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