February 11, 2026 [Reuters]- Russia’s largest liquefied natural gas producer Novatek said on Wednesday its 2025 net profit fell by more than 60% to 183 billion roubles ($2.37 billion).

Novatek has been placed under the Western sanctions over Ukraine and has struggled to fully utilise its new liquefied natural gas producing plant, Arctic LNG-2.

The plant, located on the Arctic Gydan peninsula, which juts into the Kara Sea, began production in December 2023, but Novatek was only able to deliver its first cargo to the first end-buyers, in China, last August.

The company said its last-year normalised net profit, which excludes the impact from the foreign exchange fluctuations, fell to 207 billion roubles and was negatively affected by undisclosed one-off non-cash items, the effect of which amounted to 301 billion roubles.

Net income also plunged despite a 1% rise in hydrocarbon production last year to 1.84 million barrels of oil equivalent.