23 Jun 2009 14:49

Tatneft eyes bond placement for refinery construction

MOSCOW. June 23 (Interfax) - Tatneft is considering a placement of bonds to finance construction of the Nizhnekamsk Oil Refinery.

"We are looking at the debt market," Vasily Mozgovoi, an assistant to the general director for corporate finance, said in a conference call on Tuesday.

Tatneft is currently seeking additional financing for the project. The company sees no need to revise the project's spending plans for now, he said.

The first units at the refinery will be launched in 2010 and the entire first phase of the project will be completed in 2011.

Tatneft will invest a total of $500 million-$550 million in upstream in 2009. Mozgovoi did not specify how much of that amount would go to refinery construction.