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Wednesday, 20 August, 2008, 08:10 GMT | more prices >>

Tatneft on the up



By Upstream staff 

Russian oil company Tatneft reported a 14% rise in 2007 sales and a 27% increase in pre-tax profits, mainly on the back of high oil prices and tax breaks.

Tatneft, which is facing stagnating oil production at depleted fields in the Volga region of Tatarstan, said sales rose by 24 billion roubles to 198 billion roubles ($8.09 billion), while pre-tax profit rose to 64 billion roubles.

Tatneft has been granted tax exemption from last year and can now pay lower mineral extraction tax on oil produced from depleted deposits. It has said it received a benefit of 2.2 billion roubles from tax breaks in the first half of 2007.

The company produced 517,000 barrels per day last year, up 1.3% on 2006.


Tuesday, 29 January, 2008, 17:47 GMT  | last updated: Tuesday, 29 January, 2008, 17:47 GMT

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