Tatneft plans to boost pre-tax profit 1.5-fold in 2011
ALMETYEVSK, Russia. Dec 23 (Interfax) - Tatneft plans to boost its pre-tax profit 1.5-fold to 80 billion rubles in 2011, the oil company's General Director Shafagat Takhautdinov said at a press conference.
In 2010, Tatneft brought in 52.3 billion rubles of pre-tax profit.
Takhautdinov did not mention the company's expected revenue and net profit results for the year.
This year Tatneft will transfer 300 billion rubles to budgets of all levels, 30% more than in 2010. It will send 21 billion rubles to Tatarstan's budget, he said.
The oil company plans to produce 25.9 million tonnes of oil in 2011, which is 50,000 tonnes more than last year. In addition, it plans to commission around 300 wells.
Capital investments totaled 84 billion rubles this year, including 52 billion rubles of investment in TANECO construction and 26 billion rubles in oil production. The company also set aside funds for developing its petrochemicals complex.
Tatneft plans to spend 52 billion rubles on capital investments next year, keeping funds for oil production at this year's level and investing less in TANECO construction. The company has already obtained the main equipment for its hydrocracking complex, and it plans to complete construction and installation work in 2012. "We are leaving commissioning work for the first half of 2013," Takhautdinov said.
Next year, Tatneft plans to raise oil production levels even further than this year, he said. He did not provide any numbers.