2nd Feb 2006 10:11
O.A.O. Tatneft02 February 2006 February 2, 2006 On February 1, 2006, OAO Tatneft issued the following press release: Tatneft participates in a fund that will become a co-investor in a project forthe construction of refining and petrochemical complex in Nizhnekamsk Almetievsk, February 1, 2006 Tatneft Oil AG, a subsidiary of OAO Tatneft, acquired participation shares of aninvestment fund International Petro-Chemical Growth Fund Limited, incorporatedin Jersey. The Board of Directors of OAO Tatneft approved participation in thefund on October 27, 2005. The principal investment of Tatneft Oil AG into thefund is 16 million of ordinary shares of OAO Tatneft which were held by TatneftOil AG. The fund is managed by MARS Capital Management Limited, a funds managerregulated by Jersey Financial Services Commission, and Standard Bank FundAdministration Jersey Limited was appointment as the administrator of the fund. The fund will become a co-investor in a project for the construction of refiningand petrochemical complex in Nizhnekamsk by way of an indirect participation inthe share capital of ZAO Nizhnekamsk Refinery, a company established for theimplementation of this project. OAO Tatneft directly owns 40% of the shares inZAO Nizhnekamsk Refinery. "Tatneft's participation in the fund is a very important guarantee forattracting investments for our project for the construction of a new complex inNizhnekamsk" said Khamza A. Bagmanov, the General Director of ZAO NizhnekamskRefinery, at a meeting of the Board of Directors of OAO Tatneft that was held inAlmetievsk today. The project for the construction of the new complex is in an active phase.Preparation works at the construction site are almost complete. The technicalfeasibility study of the project has been developed together with FosterWheeler, the technical consultant for the project management. The Government ofthe Republic of Tatarstan took certain measures to procure training of qualifiedpersonnel for the new complex. Press-Service of OAO Tatneft Forward-looking statements: This press release contains certain forward-lookingstatements of OAO Tatneft. OAO Tatneft can give no assurance that any of theevents mentioned in such statements will occur, or as to the precise timing oftheir occurrence. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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