abce certificate
Friday, 21 November, 2008, 22:40 GMT | more >>

Tatneft set to smile over tax savings



By Upstream staff 

Russian oil company Tatneft will save 5.3 billion roubles ($198.6 million) next year when the government introduces tax cuts for depleted fields or deposits with heavy crude.

Interfax news agency quoted Tatneft's general director Shafagat Takhautdinov as saying the savings would be achieved if the price of oil stays at around $60 per barrel.

Tax breaks have been introduced to revive Russian oil output growth, which has been stagnating since 2005, and encourage oil companies to produce more from difficult deposits. No tax will be imposed on newly launched fields.

The projected amount of gains by Tatneft next year met analysts' expectations, with Troika Dialog brokerage analyst Oleg Maximov saying his calculations had shown a gain of $174 million.

Dmitry Lukashov from Aton brokerage said his calculation had shown Tatneft would save $250 million to $300 million.

Takhautdinov said Tatneft would use the savings to strengthen its production base.


Thursday, 09 November, 2006, 18:34 GMT  | last updated: Thursday, 09 November, 2006, 18:34 GMT

Giving the nod: Tatneft is set to make big tax savings
 

e-mail this article to a colleague


to email:  from:
comments: