JSC "Tatneft"

The history of Tatneft Joint Stock Company goes all the way back to the 1950s and describes the road from the discovery of Romashkinskoye oil field and establishment of a crude oil production trust to the creation and development of a Russia's major vertically integrated crude oil company. Of course, Tatneft has had to undergo constant adjustments in the fast changing world, and today the Company is radically different from the Tatneft that existed five years ago. The modern Tatneft is not just a production company, it is a dynamically developing crude oil, gas and chemical holding. Now, we can proudly say that a high professionalism, the ability to mobilize and an excellent ability to work and maintain discipline have always been and will be the major things on the way of Company development. 
We have managed to achieve crude oil production stabilization and ensure conditions necessary for a further growth thereof. As of today, Tatneft joint stock company operates in a stable manner under the market economy conditions, producing over 24 MMTA. Company's share of the Russian market is over 8%. 
With the view of ensuring Company transparency for potential investors and partners, PriceWaterhouseCoopers has audited Tatneft's US GAAP financial reporting since 1997. Miller & Lents evaluates Company's crude oil and gas reserves in accordance with international standards. 
Tatneft has become a base for numerous crude oil and gas processing and chemical enterprises of the Republic of Tatarstan. Given the existing situation, the Company is currently restructuring, integrating and diversifying its activity, and establishing a vertically integrated business scheme for the RT crude oil, gas and chemical complex under the auspices of Tatneft. 
Tatneft owns 63% of the shares of the refinery under construction in Nizhnekamsk. This refinery will become the world's fourth and Russia's major heavy oil processing facility that will completely resolve the process issue of obtaining light crude oil products of European quality having a 82-84% processing depth from high sulfur crude oil. The first refinery line will provide the first products, low sulfur diesel fuel, jet fuel and construction bitumens, in late 2001. 
The Company places a great emphasis on the development of an oil product retail sales network. The number of our own gas stations increased from 95 to 308 in 2000. We plan to commission another 130 gas stations in 2001. 
We are currently facing complex and wide scale tasks. The implementation of corporate plans will require major effort and dedication on the part of our Company's personnel. We have no doubt that we are currently building a solid foundation for a stable future business and we are certain of a successful implementation of all our strategic tasks.

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