Tatneft

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Tatneft
ОАО «Татнефть»
Type Public
Traded as (RTS:TATNS
FWB: TTFB)
Industry Oil and gas industry
Founded 2000 (2000)
Headquarters Almetievsk, Russia
Key people Rustam N. Minnikhanov (Chairman)
ShafagatTakhautdinov (CEO)
Products Petroleum
Natural gas
Petrochemical products
Revenue Increase US$16.7 billion (2010)
Net income decrease US$ 1.6 billion (2010)
Employees 80,560
Website tatneft.ru

Tatneft (Russian: ОАО «Татнефть»)(RTS:TATNS, FWB: TTFB)is a Russian vertically-integrated oil and gas company with headquarters in the city of Almetyevsk, in the Republic of Tatarstan. It is the sixth largest oil company in Russia.[1] The company general director is Rinat Galeyev. The company has more than 70'000 employees across Russia.

History

Tatneft was created in 1950 by the merger of several local oil companies and related industries. Tatneft is listed on the Moscow (RTS:TATN) bourse, and its ADRs are traded on the Frankfurt (ISIN: US6708312052) and London (LSE: ATAD) stock exchanges. In 1998, Tatneft was the first Russian company whose ADRs were traded on the New York Stock Exchange. For years, Tatneft traded under the ADR (stock symbol TNT). It retired that listing in 2006.

Operations

The main activities of Tatneft are:

  • gas and oil exploration and production
  • gas and oil refining and marketing
  • petrochemicals (including Nizhnekamskshin tire-making plant)
  • banking services (through its subsidiaries Bank Zenit and Bank Devon-Credit)

As of 31 December 2007, Tatneft had total proved reserves of approximately 862 million tons of crude oil.[2] It operated 77 oil fields, including the main field of the company - Romashkino, with total production capacity of 25 million tons of oil and 700 million tons of gas annually. Other main oil fields are Novo-Yelokhov and Bavly.[3] In addition to Russia, it conducts exploration and production operations also in Libya, Angola, Syria, Iran, Vietnam, Oman and Saudi Arabia.[3][4] In 2008, Tatneft's crude oil production was of 189 million barrels in 2008 and is expected to shrink by 1.5% to 186 million barrels in 2009.[citation needed]

As of 1 July 2010, Tatneft had 626 filling stations, of which 490 are located on the territory of the Russian Federation and 136 are located in Ukraine.[5]

In September 2007, Tatneft formed a strategic partnership with Royal Dutch Shell to develop heavy crude oil (bitumen) production in Tatarstan.[6] It considers similar partnership with Chevron.[7]

Through its subsidiary TANEKO, Tatneft is constructing the Nizhnekamsk refinery and petrochemical complex, which it intends to commission in phases in 2009 and 2011-2012.[8] The complex will include of refineries with the capacity of seven million tons per year, deep oil conversion plant of 3.5 million tons per year and petrochemical plant, which will produce linear alkyl benzene for production of washing materials and oil lubricants, paraxylene and terephthalic acid for production of polyester fibers (u1074), cellophane film and bottles, and polypropylene.[3] The complex is expected to cost US$3–3.2 billion, of which $2 billion was invested in 2008, and $1–1.2 billion would be invested in 2009.[9]

Shareholders

The main shareholder is the Republic of Tatarstan through its holding company Svyazinvestneftekhim, which holds 34% of Tatneft.[3] The Government of Tatarstan holds also a golden share in the company.

Controversies

Tatneft has an ongoing dispute with the Government of Ukraine over control in Ukrtatnafta, an owner of the Kremenchuk oil refinery.[10] Ukrainian state-owned energy company Naftohaz Ukrainy owns 43.1% of shares in Ukrtatnafta, Tatneft owns 8.6% and Government of Tatarstan owns 28.8%.[11] 18% of the shares were transferred to two offshore companies allied with Tatneft, transaction which was not recognized by Ukrainian authorities. According to the court decision, these share were handed over to Naftohaz and in October 2007, there was a management change, which is not recognized by Tatneft. In March Tatneft filed international arbitration against Ukraine.[10]

On 9 July 2008, after signing an agreement between the United States and the Czech Republic to host a tracking radar for an antiballistic missile system, Tatneft reduced oil supplies through the Druzhba pipeline to the Czech Republic. Tatneft said that it re-routed volumes from the Czech Republic to Turkey due to better prices.[12] Although officially the linkage between reduction of oil supplies and the radar agreement was not claimed, it was suspected.[13]

References

  1. ↑ Vedomosti (2006-03-02). "Tatneft ready to encumber 5% stake". Antanta Capital. http://www.antcm.ru/mmediainf.asp?id=346&rbr=0&lng=2&p=63. Retrieved 2009-01-11.[dead link]
  2. ↑ "TATN3 Details". Business Week. http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?symbol=TATN3.MM. Retrieved 2009-01-11.
  3. ↑ 3.0 3.1 3.2 3.3 Script error
  4. ↑ "Tatneft' OAO. Summary". Google Finance. http://finance.google.com/finance?q=Tatneft. Retrieved 2009-01-11.
  5. ↑ "Home Page (in Russian)". OAO Tatneft. http://www.azs.tatneft.ru/. Retrieved 2010-11-05.
  6. ↑ "Tatneft and Shell to develop strategic partnership" (Press release). Royal Dutch Shell. 2007-09-27. http://www.shell.com/home/content/media-en/news_and_library/press_releases/2007/tatneft_shell_strategic_partnership_27092007.html. Retrieved 2009-01-11.
  7. ↑ "Russia's Tatneft eyes Chevron tie-up". Upstream Online (NHST Media Group). 2008-04-01. http://www.upstreamonline.com/live/article151510.ece. Retrieved 2009-01-11.
  8. ↑ "Fitch release on OAO Tatneft". Reuters. 2008-07-11. http://uk.reuters.com/article/oilRpt/idUKWLA619920080711. Retrieved 2009-01-11.
  9. ↑ Vladimir Soldatkin (2005-05-05). "Tatneft to seek up to $1.2 bln for refinery". Reuters. http://uk.reuters.com/article/oilRpt/idUKL563313420090505?sp=true. Retrieved 2005-05-30.
  10. ↑ 10.0 10.1 "O.A.O. Tatneft - Arbitration against Ukraine". Reuters. 2008-03-17. http://www.reuters.com/article/pressRelease/idUS174289+17-Mar-2008+RNS20080317. Retrieved 2009-01-11.
  11. ↑ "Ukraine deputy PM says Kremenchug head illegal". Reuters. 2007-10-24. http://uk.reuters.com/article/oilRpt/idUKL242470020071024?sp=true. Retrieved 2009-01-11.
  12. ↑ "Russia Tatneft says re-routed Druzhba oil to Turkey". Reuters. 2008-07-15. http://uk.reuters.com/article/oilRpt/idUKL1536331120080715?sp=true. Retrieved 2009-01-11.
  13. ↑ Andrew E. Kramer (2008-07-11). "Russian oil to Czechs slows after U.S. pact". International Herald Tribune. http://www.iht.com/articles/2008/07/11/europe/czech.php. Retrieved 2009-01-11.

External links

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