RusEnergy

MOSCOW, October 27 (RIA Novosti) - Russian oil major Tatneft said Thursday its board had made a decision to buy 40% of an additional-shares issue of top-20 ranked Russian bank Bank Zenit. The board also reviewed 9M05 company results, along with the progress on the construction of an industrial complex, including refineries and petrochemical plants in Nizhnekamsk, Tatarstan, the company said in a statement. Tatneft increased its commodities production 14% in the first nine months of 2005 year on year to 11.6 billion rubles ($400 million), the company said. Tatneft, Russia's sixth largest oil producer and No. 32 in the world, is the largest oil company in Russia's Republic of Tatarstan in the Volga region, making up about 80% of the republic's oil output. Tatneft is the main shareholder in Bank Zenit.