Tatneft will reach production targets in 2005

This result has been achieved due to using new oil recovery and boring methods. Company's revenues for the 6 months of this year has increased versus the last year by 10 billion roubles to 77 billion. The balance profit has grown by 1.1 billion roubles to 17.5 billion. The operating costs of extraction of one ton of oil have remained the same. In the six months 275 thousand metres has been bored which is 30 thousand metres less than in 2004. 4.2 billion roubles of capital investments has been developed.

Up to 11% of oil is exported to the "near abroad" countries (Ukraine and Belarus), 38-40% goes to non-CIS countries. The company supplies raw materials to the Moscow and Nizhnekamsk refineries on a regular basis. According to Shafgat Takhautdinov, in the second six months the company will not reduce the volumes of oil production.

 "We are confident, in 2005 we will reach our production targets," claimed Shafgat Takhautdinov.

Intertat.ru