SOURCE: O.A.O. Tatneft

September 08, 2005 08:40 ET

O.A.O. Tatneft announces Re Construction Project

Taterstan -- (MARKET WIRE) -- September 8, 2005 --

On September 2, 2005, OAO Tatneft issued the following press release:

The implementation of the project for the construction of a new complex of oil refining and petrochemical plants has started in Nizhnekamsk.

Almetyevsk, September 2, 2005

Pursuant to decisions approved by the Security Council of the Republic of Tatarstan and the Board of Directors of OAO Tatneft, the implementation of the project for the construction of the new complex of oil refining and petrochemical plants has started in Nizhnekamsk, Republic of Tatarstan.

According to Prime Minister of the Republic of Tatarstan and Chairman of the Board of Directors of OAO Tatneft R.N. Minnikhanov, "the project for the accelerated construction of refinery and petrochemical complex is of great importance for the development of the Republic of Tatarstan."

Work on preparing the construction site has commenced, and agreements for the development of technical documentation have also been concluded. The project will be financed in accordance with the approved schedule.

As a result of the commencement of the implementation of this project and in accordance with the previously approved decisions of the Security Council of the Republic of Tatarstan and OAO Tatneft, OAO Nizhnekamsk Oil Refinery and OAO TAIF Group companies have entered into agreements to purchase assets of the baseline complex of the Nizhnekamsk Oil Refinery at the actual costs incurred for the construction, renovation and upgrading of the facilities.

Press-service of OAO Tatneft

Forward-looking statements: This press release contains certain forward-looking statements of OAO Tatneft. OAO Tatneft can give no assurance that any of the events mentioned in such statements will occur, or as to the precise timing of their occurrence.


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