Tatneft plans to increase capex to 55-60 bln rubles in 2014
MOSCOW. Dec 2 (Interfax) - Tatneft is planning to increase capital expenditure in 2014, Vasily Mozgovoi, aide to the oil company's general director, said in a conference call.
"We are planning on slightly higher capital expenditures in 2014 than in 2013 or 2012. In 2012, capital expenditures were 50 billion rubles. They were a little higher in 2013 and we are expecting them to be in the range of 55-60 billion rubles in 2014," Mozgovoi said.
He said that this sum will roughly be split between the upstream and downstream segments.
Mozgovoi said that in the downstream segment the company has the task of installing a hydro-cracking unit, and in the upstream segment they must increase output at the Ashalchinskoye field.
He said that in 2014 they are planning to refine 8 million tonnes of oil at Taneco, a refining complex controlled by Tatneft. Light petroleum product yield in 2014 is expected at 70%.
Asked whether Tatneft intends to carry out its plans of constructing the second stage of the Taneco refinery, Mozgovoi said that the oil company is sticking to its plans of increasing capacity and building the second stage, though the deadlines for carrying this out have not yet been determined.
The first stage of the Taneco oil refining and petrochemical complex was commissioned in November of 2011. Tatneft initially planned to start building the second stage immediately following the launch of the first stage. After the introduction of the 60/66 customs export duty regime, however, the company decided to focus on enhancing refining within the framework of the first stage. The implementation of the first stage at Taneco will be completed in 2016, the company said.