Data on Tatneft net profits released

According to US GAAP, in 2001, net profits of the Tatneft oil company (Almetyevsk, the Republic of Tatarstan) decreased by 25 percent as compared to 2000 and amounted to RUR21.1bn (about $670.97m). As the press service of the company reported, Tatneft capitalization was $1.3bn in 2001.

Additionally, Tatneft repaid $315m in foreign debts in 2001. Out of this sum, the Creditor Club received $217m in debt restructuring. The unpaid debt of the company amounted to $639m and RUR4bn (about $127.20m) as of the beginning of 2002.

Tatneft's majority shareholders are the Ministry of Land and Property Relations of Tatarstan (31.31 percent) and the Tatar-American Investments and Finance company (5.21 percent).


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