8 Apr 2013 17:49

Tatneft targets 2013 investment at 50 bln rubles, same as last year

MOSCOW. April 8 (Interfax) - Tatneft plans investment activities totaling about 50 billion rubles in 2013, about the same as in 2012, management board member and head of the consolidated financial reporting department Vladlen Voskoboynikov said during a conference call on the results for 2012.

The investment will be divided about evenly between upstream and downstream, he said.

Tatneft boosted investment 9.4% to 48.5 billion rubles in 2012. The increase was the result of higher investment costs and a smaller "change in restricted cash," according to the earnings report.