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Thursday, August 07, 2008

Moody's assigns Ba2 to Tatneft

MOSCOW, August 7 (RIA Novosti) - Moody's has assigned a Ba2 corporate family rating to Tatneft, with a stable outlook, the international ratings agency said on Thursday. Moody's positively evaluated the size of the company's reserves, its efforts to boost production and Tatneft's recent disposal of several non-core banking assets. "The current virtual absence of proprietary refining capacities is considered by Moody's as Tatneft's major weakness," the agency said. Tatneft is Russia's sixth largest oil and gas company operating predominantly in the Republic of Tatarstan, in which the Tatarstan government holds 36% plus golden share. Tatneft's proved oil and gas reserves were estimated at 3.16 billion barrels of oil equivalent (boe) at year-end 2007. In 2007 Tatneft produced 184 million boe. The company employs 80,000 people. In 2007 the company's sales yielded $13.9 billion. EBITDA was nearly $2.8 billion and net profit was $1.7 billion.

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