Tatneft to show good quarterly results

On Friday, November 29th, Tatneft will present financial results under IAS over the third quarter of 2013 and will hold a telephone conference, which is scheduled for Monday,  December 2nd. We consider that favorable macroeconomic and tax conditions (in particularly,an increase of oil prices, the weakening of the ruble rate and a favorable impact of lag in the calculation of export duty) together with significant increase of processing volumes (+18.7% q/q, +13.2% y/y) will compensate for the decline in production volumes (in the third quarter of 2013, the oil production fell by 1.1% q/q and by 0.5% y/y) and will promote the profit growth.