Tatneft boosts capex 70% to 39 bln rubles in H1
KAZAN. Aug 29 (Interfax) - Tatneft had total investments of 38.7 billion rubles in the first half of 2013, a 70% year-on-year increase, the oil producer said in a statement.
Tatneft earmarked 16.7 billion rubles for the upstream segment.
Investments are up this year because Tatneft has finished building a hydrocracking complex at OJSC TANECO. The oil producer has already initiated the start-up of a combined hydrocracking unit, and it also plans to boost oil refining at the complex by 14% to 8 million tonnes by the end of this year. It will also perform preparatory work to ensure that 8.5 million tonnes of crude oil are refined per year.
"The decision has been made to accelerate the work at the delayed coking unit, as well as to change the capacity of the hydroconversion pilot plant, which is designed to refine sludge, to 50,000 tonnes a year," Tatneft said in the statement.
Launched into commercial operation in November 2011, TANECO produces straight-run gasoline, industrial kerosene, vacuum gasoil, fuel oil, and granulated sulfur. In H1 2013, the complex mastered the production of two new types of products - residue from visbreaking that serves as feedstock for bitumen production and the production of kerosene and gas oil fraction. By the end of this year the hydrocracking unit will be commissioned and undergo comprehensive testing.
Oil producer Tatneft owns 91% of the complex's shares, and Tatarstan government-owned OJSC Svyazinvestneftekhim holds 9%.