27th Dec 2007 12:29
O.A.O. Tatneft27 December 2007 December 27, 2007 On December 26, 2007, Shafagat Takhautdinov, the General Director of OAO Tatneft(the "Company"), discussed at a press conference in Almetievsk certainpreliminary non-consolidated results of the Company for 2007. Mr. Takhautdinovsaid, inter alia, that the Company expects to produce 25,740,000 tones of crudein 2007, a record production level since 1993. Approximately 45% of totalproduction is attributable to enhanced recovery methods. The Company expects toput into operation 345 production wells. It is expected that sales would reach approximately 200 bln rubles (an increaseof 14% from 2006) and profit before tax in 2007 would be approximately 64billion rubles. Total tax payments would reach 178 billion rubles. In 2007,the Company applied a differentiated (reduced) rate of natural resourcesproduction tax to the crude produced from the Romashkinskoye oil field. TheCompany expects that the total savings from this application of the reduced taxwould reach approximately 5 billion rubles. According to resolutions of theCompany's Board of Directors, these amounts would be used to maintain oilproduction levels. Forward-looking statements: These materials contain statements about futureevents and expectations that are forward-looking in nature. Any statement inthese materials that is not a statement of historical fact is a forward-lookingstatement that involves known and unknown risks, uncertainties and other factorswhich may cause actual results, performance or achievements expressed or impliedby such forward-looking statements to differ. OAO Tatneft assumes no obligationsto update the forward-looking statements contained herein to reflect actualresults, changes in assumptions or changes in factors affecting thesestatements. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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