Tatneft: the first six months of the year in vain

Tatneft has published its accounting under RAS for the first six months of 2013. Operating dates and indicative dynamics of the main financial rates in anticipation of the accounting under IAS publication is especially interesting.

The production of Tatneft shows insignificant growth rates. In the first six months, the company produced 12.93 million tons of oil that is only by 0.1% more than in the same period of the last year. We may suppose that in 2013 the Tatneft’s production will  be at the level of 2012 and will make up 26 million tons. The growth, if the company manages to show it, will be insignificant – within 0.5%.

At the same time, the increase of Tatneft’s output of oil products was also insignificant and reached 5-10%. By results of the first six months, 3.4 million tons of oil products were outputted and the processing capacity of its plant is about 7 million tons per year. That means that the plant worked at full blast and the further improvement of the Tatneft’s financial results is connected with the increase of the Taneko’s output of light oil products. Today, the share of their production at the plant is 45%. Tatneft plans to launch a hydro cracker unit by the end of 2013 – then the share of the light oil products output will be around 60%. Thus, this will positively influence the accounting only in 2014.