OREANDA-NEWS. October 20, 2009. OAO TATNEFT took active part in the IInd "Euromoney — Kazan 2009" International Investment Forum, which was held in Kazan. Vladimir Lavushchenko, Deputy General Director of OAO TATNEFT, presented a report at the session "Oil Producing and Petrochemical Industry" in the framework of the dialogue focusing on the oil industry branch of Tatarstan, reported the press-centre of TATNEFT.

Answering a question of the moderator Mark Johnson, editor the "Euromoney Conferences", how the Company goes through the period of the world crisis and oil price downturn, he specifically stated the following.

During the period of rise in prices for "black gold" OAO TATNEFT increased investments, in particular, into development of new territories outside of Tatarstan and Russia. During the crisis period the Company had to concentrate resources on the major projects, which implementation will in the long term ensure competitive advantages for the Company. First and foremost it is worth mentioning the "TANEKO" project, which will be the most advanced oil refining complex in Russia, and also petrochemical projects, such as construction of a solid steel cord tire factory in Nizhnekamsk. It is also worth noting that the Company did not go for personnel and workplaces reduction. Today, when the price for oil has come upwards from the critical level of 40 dollars for barrel, TATNEFT is capable of directing financial resources on restoration of the investment program.

Answering the question on the prospects of the oil industry branch of Tatarstan Vladimir Lavushchenko told that it has been and will be a budget setting one and also the will be a locomotive of all economy of Tatarstan. Therefore, the Company intends to henceforth maintain the high level of competitiveness at the Russian, as well as at the international levels through increasing the efficiency of the activity and application of advanced technologies.

The explored reserves available in Tatarstan as of today will suffice for still for 30 years with production over 30 million tons of oil per year. However, it not a limit as the "black gold" resources are annually replenished at the expense of exploration and study of subsurface resources. In addition OAO TATNEFT has started a new field of activity related with development extra-viscous oil (natural bitumen), which enormous reserves are available in Tatarstan. This will require new technologies and innovative approaches due to the intensive labor input and expensiveness of the process. OAO TATNEFT is ready to cooperate with western companies in this and other fields of activity.