Tatneft
Encyclopedia
Tatneftis a Russia
n vertically-integrated oil and gas company with headquarters in the city of Almetyevsk
, in the Republic of Tatarstan
. It is the sixth largest oil company in Russia.
The company general director is Rinat Galeyev
. The company has more than 70'000 employees across Russia.
As of 31 December 2007, Tatneft had total proved reserves of approximately 862 million tons of crude oil. It operated 77 oil fields, including the main field of the company - Romashkino
, with total production capacity of 25 million tons of oil and 700 million tons of gas annually. Other main oil fields are Novo-Yelokhov and Bavly. In addition to Russia, it conducts exploration and production operations also in Libya, Angola, Syria, Iran, Vietnam, Oman and Saudi Arabia. In 2008, Tatneft's crude oil production was of 189 million barrels in 2008 and is expected to shrink by 1.5% to 186 million barrels in 2009.
As of 1 July 2010, Tatneft had 626 filling station
s, of which 490 are located on the territory of the Russian Federation and 136 are located in Ukraine.
In September 2007, Tatneft formed a strategic partnership with Royal Dutch Shell
to develop heavy crude oil
(bitumen) production in Tatarstan. It considers similar partnership with Chevron
.
Through its subsidiary TANEKO, Tatneft is constructing the Nizhnekamsk
refinery and petrochemical complex, which it intends to commission in phases in 2009 and 2011-2012. The complex will include of refineries with the capacity of seven million tons per year, deep oil conversion
plant of 3.5 million tons per year and petrochemical plant, which will produce linear alkyl benzene for production of washing materials and oil lubricants, paraxylene and terephthalic acid
for production of polyester fibers (u1074), cellophane film and bottles, and polypropylene
. The complex is expected to cost US$3–3.2 billion, of which $2 billion was invested in 2008, and $1–1.2 billion would be invested in 2009.
through its holding company Svyazinvestneftekhim, which holds 34% of Tatneft. The Government of Tatarstan holds also a golden share in the company.
, an owner of the Kremenchuk
oil refinery. Ukrainian state-owned energy company Naftogaz Ukrainy owns 43.1% of shares in Ukrtatnafta, Tatneft owns 8.6% and Government of Tatarstan owns 28.8%. 18% of the shares were transferred to two offshore companies allied with Tatneft, transaction which was not recognized by Ukrainian authorities. According to the court decision, these share were handed over to Naftogaz and in October 2007, there was a management change, which is not recognized by Tatneft. In March Tatneft filed international arbitration against Ukraine.
On 9 July 2008, after signing an agreement between the United States and the Czech Republic to host a tracking radar for an antiballistic missile system, Tatneft reduced oil supplies through the Druzhba pipeline to the Czech Republic. Tatneft said that it re-routed volumes from the Czech Republic to Turkey due to better prices. Although officially the linkage between reduction of oil supplies and the radar agreement was not claimed, it was suspected.
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
n vertically-integrated oil and gas company with headquarters in the city of Almetyevsk
Almetyevsk
Almetyevsk , also spelled Almat and Elmet, is a city in the Republic of Tatarstan, Russia, located on the left bank of the Zay River southeast of Kazan. Population: 77,000 ; 49,000 ....
, in the Republic of Tatarstan
Tatarstan
The Republic of Tatarstan is a federal subject of Russia located in the Volga Federal District. Its capital is the city of Kazan, which is one of Russia's largest and most prosperous cities. The republic borders with Kirov, Ulyanovsk, Samara, and Orenburg Oblasts, and with the Mari El, Udmurt,...
. It is the sixth largest oil company in Russia.
The company general director is Rinat Galeyev
Rinat Galeyev
Rinat Galeyev is a Russian businessman from the Tatarstan region.He is the General Director of the Russian sixth largest oil company Tatneft and of Tatarstan sewing company Adonis.-References:...
. The company has more than 70'000 employees across Russia.
History
Tatneft was created in 1950 by the merger of several local oil companies and related industries. Tatneft is listed on the Moscow bourse, and its ADRs are traded on the Frankfurt and London stock exchanges. In 1998, Tatneft was the first Russian company whose ADRs were traded on the New York Stock Exchange. For years, Tatneft traded under the ADR (stock symbol TNT). It retired that listing in 2006.Operations
The main activities of Tatneft are:- gas and oil exploration and production
- gas and oil refining and marketing
- petrochemicals (including Nizhnekamskshin tire-making plant)
- banking services (through its subsidiaries Bank Zenit and Bank Devon-Credit)
As of 31 December 2007, Tatneft had total proved reserves of approximately 862 million tons of crude oil. It operated 77 oil fields, including the main field of the company - Romashkino
Romashkino Field
Romashkino field is an oil field in Tatarstan, Russia. Discovered in 1948, it is the largest oil field of Volga-Ural basin. Romashkino field had produced over 15 billion barrels of oil. Statistic analysis predicted depletion at 16.5 to 17.2 billion barrels...
, with total production capacity of 25 million tons of oil and 700 million tons of gas annually. Other main oil fields are Novo-Yelokhov and Bavly. In addition to Russia, it conducts exploration and production operations also in Libya, Angola, Syria, Iran, Vietnam, Oman and Saudi Arabia. In 2008, Tatneft's crude oil production was of 189 million barrels in 2008 and is expected to shrink by 1.5% to 186 million barrels in 2009.
As of 1 July 2010, Tatneft had 626 filling station
Filling station
A filling station, also known as a fueling station, garage, gasbar , gas station , petrol bunk , petrol pump , petrol garage, petrol kiosk , petrol station "'servo"' in Australia or service station, is a facility which sells fuel and lubricants...
s, of which 490 are located on the territory of the Russian Federation and 136 are located in Ukraine.
In September 2007, Tatneft formed a strategic partnership with Royal Dutch Shell
Royal Dutch Shell
Royal Dutch Shell plc , commonly known as Shell, is a global oil and gas company headquartered in The Hague, Netherlands and with its registered office in London, United Kingdom. It is the fifth-largest company in the world according to a composite measure by Forbes magazine and one of the six...
to develop heavy crude oil
Heavy crude oil
Heavy crude oil or extra heavy crude oil is any type of crude oil which does not flow easily. It is referred to as "heavy" because its density or specific gravity is higher than that of light crude oil. Heavy crude oil has been defined as any liquid petroleum with an API gravity less than 20°.Extra...
(bitumen) production in Tatarstan. It considers similar partnership with Chevron
Chevron Corporation
Chevron Corporation is an American multinational energy corporation headquartered in San Ramon, California, United States and active in more than 180 countries. It is engaged in every aspect of the oil, gas, and geothermal energy industries, including exploration and production; refining,...
.
Through its subsidiary TANEKO, Tatneft is constructing the Nizhnekamsk
Nizhnekamsk
Nizhnekamsk is a city in the Republic of Tatarstan, Russia, located to the south of the Kama River between the cities of Naberezhnye Chelny and Chistopol.Population: -History:...
refinery and petrochemical complex, which it intends to commission in phases in 2009 and 2011-2012. The complex will include of refineries with the capacity of seven million tons per year, deep oil conversion
plant of 3.5 million tons per year and petrochemical plant, which will produce linear alkyl benzene for production of washing materials and oil lubricants, paraxylene and terephthalic acid
Terephthalic acid
Terephthalic acid is the organic compound with formula C6H42. This colourless solid is a commodity chemical, used principally as a precursor to the polyester PET, used to make clothing and plastic bottles. Several billion kilograms are produced annually...
for production of polyester fibers (u1074), cellophane film and bottles, and polypropylene
Polypropylene
Polypropylene , also known as polypropene, is a thermoplastic polymer used in a wide variety of applications including packaging, textiles , stationery, plastic parts and reusable containers of various types, laboratory equipment, loudspeakers, automotive components, and polymer banknotes...
. The complex is expected to cost US$3–3.2 billion, of which $2 billion was invested in 2008, and $1–1.2 billion would be invested in 2009.
Shareholders
The main shareholder is the Republic of TatarstanTatarstan
The Republic of Tatarstan is a federal subject of Russia located in the Volga Federal District. Its capital is the city of Kazan, which is one of Russia's largest and most prosperous cities. The republic borders with Kirov, Ulyanovsk, Samara, and Orenburg Oblasts, and with the Mari El, Udmurt,...
through its holding company Svyazinvestneftekhim, which holds 34% of Tatneft. The Government of Tatarstan holds also a golden share in the company.
Controversies
Tatneft has an ongoing dispute with the Government of Ukraine over control in UkrtatnaftaUkrtatnafta
Ukrtatnafta is a Ukrainian oil refining company one of the largest producer of oil products in the country. The company operates the largest oil refinery in the country located in Kremenchuk with a capacity of and several petrol stations...
, an owner of the Kremenchuk
Kremenchuk
Kremenchuk is an important industrial city in the Poltava Oblast of central Ukraine. Serving as the administrative center of the Kremenchutskyi Raion , the city itself is also designated as a separate raion within the oblast, and is located on the banks of Dnieper River.-History:Kremenchuk was...
oil refinery. Ukrainian state-owned energy company Naftogaz Ukrainy owns 43.1% of shares in Ukrtatnafta, Tatneft owns 8.6% and Government of Tatarstan owns 28.8%. 18% of the shares were transferred to two offshore companies allied with Tatneft, transaction which was not recognized by Ukrainian authorities. According to the court decision, these share were handed over to Naftogaz and in October 2007, there was a management change, which is not recognized by Tatneft. In March Tatneft filed international arbitration against Ukraine.
On 9 July 2008, after signing an agreement between the United States and the Czech Republic to host a tracking radar for an antiballistic missile system, Tatneft reduced oil supplies through the Druzhba pipeline to the Czech Republic. Tatneft said that it re-routed volumes from the Czech Republic to Turkey due to better prices. Although officially the linkage between reduction of oil supplies and the radar agreement was not claimed, it was suspected.