Tatneft investment totals 50 billion roubles over half year

Tatneft oil producer has amid the sharp decline in global prices developed an anti-crisis programme. The company general director Shafgat Takhautdinov told a meeting between oil companies CEOs in the Yelabuga region, attended by the President of Tatarstan Mintimer Shaimiev, that the oil extraction rate had been stabilised due to timely measures and enormous work done at recovery sites. The company’s financial stability has been retained.

Over six months of 2009, Tatneft has recovered 12.792 million tonnes of oil, which complies with the plan. Besides, subsidiaries in the Samara and Orenburg regions have extracted 131 thousand tonnes. The recently drilled well in Libya is being developed. In Syria, 3 exploratory wells have been drilled, two of them yielding a total of 200 tonnes of oil a day.

Tatneft’s total investment for over six months have reached 50 billion roubles. Over 6 months, 275 thousand meters have been drilled, 169 recovery wells with an average daily flow rate of 9.9 tonnes put into operation. The bigger part of investment has been used in the construction of the Taneko oil refining complex in Nizhnekamsk. The number of builders is in the 3rd quarter to be increased from the today’s 5 thousand to 8 thousand.

The Tatneft tyre division is rapidly renewing and expanding its product portfolio. Equipment installation for increasing the Euro-3 tyre production capacity at Nizhnekamskshina from 2 million pieces a year to 3million pieces has been completed. In September, a whole metal cord tyre plant in Nizhnekamsk is planned to be put into test operation. Its operation to full capacity of 1.2 million tyres is intended to start at the end of 2010.

Despite the ongoing crisis, Tatneft is fulfilling all social programmes and terms of the social agreement. The company’s main tasks in the present-day conditions, said Shafgat Takhautdinov, are to stay competitive and to implement the strategic projects.