SOURCE: O.A.O. Tatneft

July 18, 2005 06:27 ET

O.A.O. Tatneft announces Approval of Annual Dividends

Taterstan -- (MARKET WIRE) -- July 18, 2005 --

July 18, 2005

OAO Tatneft has made the following announcement:

                       DISCLOSURE OF MATERIAL FACT
INFORMATION ON INCOME CALCULATED AND/OR PAID IN RESPECT OF THE ISSUERS SECURITIES
                        1. General information

1.1. Full corporate name of the Issuer:   Open Joint Stock Company
                                          Tatneft named after V.D. Shashin

1.2. Abbreviated corporate name of the    OAO Tatneft named after 
Issuer:                                   V.D. Shashin 

1.3. Location of the Issuer:              75 Lenin Street, Almetyevsk,
                                          Republic of Tatarstan
                                          Russia 423450 

1.4. Principal state registration
number of the Issuer:                     1021601623702

1.5. Taxpayer Identification
Number of the Issuer:                     1644003838

1.6. The Issuers unique code assigned by  00161-A
the registration authority:

1.7. Web page address used by the Issuer  http://www.tatneft.ru
for disclosure of information:            http://www.disclosure.ru

1.8. Name of periodical(s) used by the    Supplement to the Bulletin of
Issuer for publication of                 the Federal Service for
information:                              Financial Markets, "Petroleum
                                          News."

1.9. Code(s) of material fact(s):         0600161A11072005

            2. Subject matter of the disclosure
2.1. Class, category (type), series and other identification characteristics of registered securities:

- Registered preferred non-documentary shares. - Registered ordinary non-documentary shares.

2.2. State registration number of the issue (additional issue) of securities and date of state registration:

- Date of state registration: October 26, 2001; registration number: 2-03-00161-A - Date of state registration: October 26, 2001; registration number: 1-03-00161-A

2.3. State registration authority that registered the issue (additional issue) of securities: FCSM of Russia

2.4. The Issuers management body that made a decision to pay (declare) dividends on the Issuers shares. The decision was made at the annual general shareholders meeting of OAO Tatneft named after V.D. Shashin.

2.5. Date of the decision to pay (declare) dividends on the Issuers shares: June 30, 2005.

2.6. Date of preparation of the minutes of the meeting of the Issuers authorized management body at which the decision to pay (declare) dividends on the Issuers shares was made: Minutes No. 12 dated June 30, 2005.

2.7. Total amount of dividends calculated in respect of the Issuers shares of certain type (class), and the amount of dividends calculated per one share of certain type (class):

a) Total amount of dividends calculated in respect of preferred shares, including dividends previously paid for the nine-month period, is 147,508,500 rubles. The amount of dividends calculated per one preferred share is 1 ruble (100% of its nominal value).

b) Total amount of dividends calculated in respect of ordinary shares, including dividends previously paid for the nine-month period, is 1,960,821,630 rubles. The amount of dividends calculated per one ordinary share is 0.90 rubles (90% of its nominal value).

2.8. Form of payment of income on the Issuers securities (cash, other property): cash.

2.9. Date on which the obligation to pay income on the Issuers securities (dividends on shares or income on bonds (interest, principal amount) must be fulfilled and if the obligation to pay income on securities must be fulfilled by the Issuer within a certain period of time expiry date of such period. Dividends on the Companys shares must be paid between July 1 and December 31, 2005.

2.10. Total amount of dividends paid in respect of the Issuers shares of certain category (type): -

                          3. Signature
3.1. Deputy General Director and Head of the Property Department of OAOt Tatneft /s/V.I. Gorodny V.I. Gorodny

3.2. Date: July 12, 2005 (seal)

END

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