Tatneft's investment down 36% in H1
KARABASH (Tatarstan). July 9 (Interfax) - OJSC Tatneft's investment in the first half of 2012 came to 23 billion rubles, half of which went to financing the construction of the TANEKO refining complex, the company's head, Shafagat Takhautdinov, said at the Tatarstan Oil Summit.
Compared with the first half of 2011, this was a decrease by 36%.
Takhautdinov said that Tatneft expects sales revenue to increase in the first half but declined to cite actually figures.
He added that production of super-viscous oil should become profitable after its export duty is reduced by 90%. This type of production earlier brought in losses totalling 1,000-1,500 rubles per tonne.
Takhautdinov said that the company is still working on getting NRET (natural resource extraction tax) breaks for small fields with depletion up to 20%. A NRET break is now in place for fields with up to 5 million tonnes in recoverable reserves and 5% depletion.
Capex in 2012 is planned at 52 billion rubles.