The start of higher value added products sales from the Ust-Luga Gas Condensate Fractionation and Transshipment Complex (the “Ust-Luga Complex”), launched in June 2013, had a positive impact on the average price of liquids, whereas the growth in the average natural gas sales price was driven by higher share of end customers in our overall natural gas sales volumes mix.
In 2014, we recorded a year-on-year increase of 15.1% in the Company’s Normalized EBITDA, inclusive of subsidiaries, which totaled RR 140.4 billion. The Normalized EBITDA, including our respective share in the EBITDA of joint ventures, increased by 23.4% as compared to 2013 and amounted to RR 159.6 billion. The growth in our Normalized EBITDA was positively impacted by a higher share of liquid hydrocarbons in our overall sales volumes mix as well as higher liquids sales margins due to the launch of the Ust-Luga Complex.
In 2014, Normalized Profit attributable to NOVATEK shareholders, adjusted for the net gain from disposal of interest in joint ventures, decreased by 55.9% to RR 35.2 billion, or RR 11.65 per share, as compared to RR 79.8 billion, or RR 26.35 per share, in 2013. Our profit dynamics over the respective reporting periods were negatively impacted by non-cash foreign exchange effects (including at the joint ventures level) as the Russian rouble depreciated against the US dollar by 71.9% in 2014 as compared with 7.8% in 2013. Net of these effects, our normalized profit in 2014 increased by 36%.
In 2014, natural gas sales volumes increased to 67.2 billion cubic meters (bcm), or by 4.8%, as compared with 2013, due to an increase in production volumes of our subsidiaries at the Olimpiyskiy license area and Yurkharovskoye field, and the North-Urengoyskoye field of the Nortgas joint venture, as well as decrease in gas volumes in underground storage as compared with an increase in storage in 2013, which was partially offset by a decrease in sales volumes of purchased gas due to the termination of natural gas purchases from Sibneftegas following the divestment of our share in this joint venture in December 2013.
The share of end-users in our total gas volumes sales mix increased from 89% in 2013 to 94% in 2014. As at 31 December 2014, the total amount of natural gas recorded as inventory aggregated 1.0 bcm.
Liquid hydrocarbon sales volumes aggregated 7.1 mln tons in 2014 representing an increase of 30.4% as compared with 2013. Sales volumes were positively impacted by higher volumes of gas condensate purchased from our joint ventures due to production growth at Nortgas and the SeverEnergia fields, as well as by an increase in crude oil production by our subsidiaries. This positive impact, however, was partially offset by an increase in liquid hydrocarbon inventory balances in 2014 as compared with a decrease in 2013. The share of high value-added petroleum products produced at the Ust-Luga Complex in the overall liquids sales volume mix increased to 63% as compared with 30% in 2013. As at the year-end, 739 thousand tons of liquid hydrocarbons were in transit or storage and recognized as inventory, as compared with 535 thousand tons as at 31 December 2013.
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