Tatneft forecasts revenues

In 2002, the Tatneft Oil Company produced 24.612 million tons of oil, the press service of the company reported. Last year, the company put into operation 484 new oil producing oil wells; 718 million cubic meters of associated gas were produced.

At the same time, Tatneft invested RUR1.9bn (about $59.75m) in the construction of the Nizhnekamsky refinery in 2002. In December 2002, the basic complex of the plant was put in operation.

Revenues from products, shipped in 2002, are expected to reach RUR107bn (about $3.36bn), gaining 6.4 percent against 2001.

In the reported year, Tatneft repaid its Eurobond debts worth $300m, and debts to the club of its creditors worth $112m, in full. As of the beginning of 2003, the company had no debts to the budget.

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