Tatneft to choose auditor

Tatneft has announced an open tender to select a company for conducting a compulsory audit for 2003 in accordance with Russian legislation and US GAAP, the press service of the company reported. Tatneft Board of Directors adopted this decision at the end of February 2003.

PricewaterhouseCoopers has been Tatneft's auditor since 1995, when the company made its first GAAP report. According to current legislation, an auditor must be selected at a tender, because the state stake in the company is more than 25 percent. An auditor will be approved at an annual meeting of shareholders on June 27, 2003.

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