Last checked at 29 Dec 2009 07:30
25 December 2009
On 23 December 2009 OAO Tatneft ("Tatneft" or the "Company") issued the following press release:
Press Conference of the General Director of Tatneft
A press conference of Shafagat F. Takhautdinov, the General Director of Tatneft, for representatives of federal and regional mass media was held at Tatneft on 23 December 2009. Shafagat F. Takhautdinov presented an assessment of Tatneft's current financial and economic situation and reported on some of the Company's plans for 2010.
The General Director stated that the global financial crisis, which had began at the end of the year before, forced to revise the original plan of Tatneft for the year 2009 and elaborate a program to maintain financial stability that would optimize the costs and the investment program. According to him implementation of such activities allowed Tatneft to balance income and expenditures and to achieve the planned financial, economic and industrial indicators.
23.65 million tons of crude oil was produced from the oil fields of Tatneft during the period of 11 months in 2009 with the above-the-plan production accounting for 408.2 thousand tons. As a result of the Company's efforts, as well as due to the stabilization of world oil prices the Company managed to partially restore the amount of investments for drilling and geological engineering activities in the second half of the year. About 67 billion rubles of profit before taxation is expected as a result of the financial and economic activity for 11 months. The total amount of taxes and payments to the budget of all levels for this period amounted to 154 billion rubles, including the amount of 19.9 billion rubles credited to the budget of the Republic of Tatarstan.
The total crude oil production of Tatneft in 2009 is expected to reach the level of 25.8 million tons. The net revenues from the sale of d products are expected to total 214 billion rubles. It is expected to receive about 68 billion rubles of profit before taxation. The expected amount of taxes and payments to the budget of all levels will exceed 171 billion rubles (with VAT and export duties), including more than 20 billion rubles to the budget of the Republic of Tatarstan.
According to Shafagat Takhautdinov implementation of strategic projects such as construction of the TANECO complex of refineries and petrochemical plants in Nizhnekamsk, development of bitumen oil deposits, development of the license areas outside Tatarstan still remain priorities for the Company in 2010.
The forecast of the financial and economic activity of Tatneft in 2010 has been based on the basis of the macroeconomic environment with the Urals sale price of $58 per barrel and the exchange rate of US $1 = 33.9 rubles. In accordance with the assumed terms and calculations of the Company's financial and economic activities forecast, the Company would receive 45.2 billion rubles of profit before taxation. The total amount of assessed taxes and payments in 2010 are projected to total 170.9 billion rubles, including 13.6 billion rubles to be credited to the consolidated budget of the Republic of Tatarstan.
General Director also answered numerous questions of the journalists. In particular, he discussed the ongoing pilot bitumen oil deposits development; preparation of a new energy saving program; implementation of the TANECO project; development of Tatneft's tire production complex. He also discussed Tatneft's activities outside Tatarstan, including Syria and Libya. Shafagat F. Takhautdinov also addressed the issues of the social policy of the Company, its participation in the republican and national projects.
Forward-looking statements: These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of a historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. OAO Tatneft assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.