Tatneft increases investment in Taneko refining project

The oil producer Tatneft has published its non-audited consolidated intermediary short financial statement for the 1st quarter of 2009, prepared in accordance with the US GAAP reporting system.

The document reads that the company’s consolidated proceeds totalled 73,54 billion roubles, $2,162 million, versus 66,266 billion roubles, $2,255 million, in the 4th quarter of 2008 and 109,052 billion roubles, $4.637 million, in the 1st quarter of 2008.

The consolidated net profit in the 1st quarter of 2009 increased to 7,929 million roubles, $233 million, versus the net profit of 6,335 million roubles, $269 million, in the 1st quarter of 2008 and the net loss of 21,984 million roubles, $748 million, in the 4th quarter of 2008.

The improvement in the company’s financial results in the 1st quarter of 2009 was related to the stabilisation of crude oil prices as opposed to their substantial decrease in the 4th quarter of 2008, devaluation of the rouble versus the US dollar, reduction of some costs versus the 4th quarter of 2008 and a reduction in tax load on the industry.

Investments made by OAO Tatneft in the 1st quarter of 2009 have totalled $20.592 billion roubles, which is 87.6 percent more than in the same period in 2008. The increase in funds is mainly related to increased costs of constructing the Taneko oil refining and petrochemical complex.