Taneco commences commercial operations

TANECO Commences Commercial Operations

5 December 2011

On 3 December 2011, OAO Tatneft (the "Company") issued a press release ("Press Release") announcing, inter alia, receipt by OJSC TANECO ("TANECO"), a 91% subsidiary of the Company, of a license from the State Technical Supervision Authority on 2 December 2011 permitting TANECO to operate hazardous production facilities. It was further announced that TANECO was included into the official list of refineries of the Russian Federation. The above means that TANECO is permitted to start commercial production of the first phase (Phase 1A1) of the Nizhnekamsk Refining and Petrochemical Facility and effectively makes the Company a vertically integrated oil producer.

Full Press Release can be viewed at:

http://www.tatneft.ru/wps/wcm/connect/tatneft/portal_eng/press_center/news/news-list/news_2011.12.03_18.31.09.644 

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 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.