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View Annual Report ANNUAL REPORT 2009 ANNUAL REPORT 2009 EFFICIENT RESOURCE MANAGEMENT AND OPTIMIZATION OF PRODUCTION PROCESSES MANAGEMENT SYSTEM ARE A RECIPE FOR SUCCESSFUL IMPLEMENTATION OF STRATEGIC INITIATIVES OF THE COMPANY AIMED OAO TATNEFT AT FURTHER www.tatneft.ru DEVELOPMENT Contents About the company Corporate Representation of shareholders’ 1 Geography of Activity 40 management 110 and investors’ interests and Partnership .................................... 2 3.1. Management System Joint Address to Shareholders, of the Company ............................42 Corporate social liability Investors and Partners ..................... 4 3.2. Management 116 Areas of Activity of TATNEFT Group ........................42 and Strategic Initiatives ......................... 6 3.3. Management Mechanisms ............48 Appendices Resource Saving ................................... 8 3.4. Property Management ..................51 118 7.1. Information Reference about The Company's Equity Structure 3.5. Financial Management ..................53 the Members of the Board and Capitalization Management ............. 9 3.6. Logistics Management ..................55 of Directors of OAO TATNEFT ....... 118 Distribution of Powers and 3.7. Management of Production 7.2. Information Reference about Responsibilities among the Board Efficiency ....................................57 the Members of the Management of Directors Members and of Board of OAO TATNEFT ...............120 the Management Board Members .......... 18 3.8. Company Restructuring ...............................60 7.3. List of Main Issues Reviewed Structure of TATNEFT at the Meetings of the Board Business-Group ....................................... 24 3.9. Energy and Resource Saving .........................................61 of Directors in 2009 .................... 121 Main Indices of the Oil 7.4. Information about Compliance 3.10. Investment Activity .......................... 63 Joint-Stock Company with the Corporate Behavior of FY 2009 ...........................................25 3.11. Ecological Activity .........................67 Norms in OAO TATNEFT in 2009 ...122 7.5. Main Corporate Production Financial Events of 2009 ...........................124 28 activity 70 results List of Abbreviations .....................126 2.1. Geology and Oil and Gas 4.1. Financial Statements Forecast Comments ................... 127 Production Department .................28 Compiled in Accordance Annotation to the Report 2.2. Management of with Russian Accounting about Stable Development the Oil/Gas Refining Standards ....................................71 and Social Liability and Petrochemical 4.1. 1. Audit Opinion ................................71 of OAO TATNEFT FY 2009 ............. 127 Complexes ...................................32 4.1.2. Financial Statements 2.3. Management of Sales of OAO TATNEFT FY 2009 ...............74 and Deliveries of Oil and Gas 4.1.3. Important Aspects of and Oil/Gas Products ....................35 the Accounting Policy and 2.4. Servicing Managemen ..................38 Information Representation in 2.5. Industrial Safety ...........................40 Financial Statements for 2009 ....... 77 4.2. Consolidated Financial Statements for Years Ended December 31, 2008 and 2007 Prepared in Accordance with US GAAP ..............................79 4.2. 1. Audit Opinion ............................... 79 4.2. 2. Consolidated Financial Statements for Years Ended December 31, 2009, 2008 and 2007 ............................. 80 About the Company OAO TATNEFT exercises its activity as a vertically integrated Group, which includes oil and gas production, oil and gas refining and petrochemical works, companies selling crude oil, gas, oil and gas products, as well as petrochemical products, and also a service structures complex. The main territory of the Company’s activity is the Russian Federation. Mission of the Company is strengthening of the internationally recognized and financially stable status of the Company as one of the largest vertically integrated national producers of crude oil and gas, oil and petrochemical products maintaining high corporate social responsibility level. In the framework of the development strategy the Company implements the process of restructuring aimed at increasing production management efficiency, ensuring costs transparency and optimization of labor, material and financial resources. Key Figures Net ‘09 50.9 Profit ‘08 34.3 RSBU ‘07 43.8 billion rubles 50.9 ‘06 35.7 +48.3% Net ‘09 265.9 Assets ‘08 224.2 RSBU ‘07 203.6 billion rubles 265.9 ‘06 171.1 +18.6% ‘09 25.85 Oil Production ‘08 25.76 OAO TATNEFT ‘07 25.74 million tons 25.85 ‘06 25.41 +0.3% (for TATNEFT Group 26.106 mln. tons) More details about the Group see at www.tatneft.ru 2 St. Petersburg 3 Arkhangelsk Naryan-Mar Geography of Activity OAO Intaneft Tver Filling and Partnership Stations in Russia Moscow Vladimir N. Novgorod Yoshkar-Ola 484 Cheboksary Kazan Ulyanovsk Yekaterinburg RUSSIA Samara Ufa Volgograd Chelyabinsk GREAT BRITAIN Krasnodar Orenburg Elista Stavropol Kemerovo GERMANY OOO Orenburg Drilling Company UKRAINE OAO Prikaspiyskburneft KAZAKHSTANAK Partners of OAO TATNEFT* UZBEKISTAN Supplies of Oil and Gas Products TURKMENISTAN SYRIA Crude Oil Gas Product Crude Oil CHINA Supplies Supplies Transportation Syrian Turkmenneft State Company Petroleum DevonOil SA OAO Kazanorgsintez OAO AK Transneft Company IRAN Wintel Petrochemicals OOO Raw Stock Resources-Bel MOROCCO Efremov-Kautschuk GmbH OAO Nizhnekamskneftekhim OOO Yunisoil OAO Efremov Synthetic LIBYA RIPI Rubber Plant OAO TAIF SAUDI Efremov-Kautschuk GmbH Tavit B.V ARABIA National OAO Naftan Oil Corporation Zamil Group OMAN Tire Production Filling stations Holding Company Business Environment in Ukraine Supply Raw Material Sale of Equipment Supply of Tires TATNEFT is an internationally recognized and Technologies Company. The Company ranks No 6 in Russia by VIETNAM Chernigov the volume of oil production and competes with 136 PIRELLI OAO Efremov Synthetic OAO AVTOVAZ Rosneft, Lukoil, Surgutneftegaz, TNK-BP and Rubber Plant Sumy CONTINENTAL OAO KAMAZ Gazprom neft Companies. In the national fuel and OAO Nizhnekamskneftekhim energy complex the environment of TATNEFT is Kiev represented by Transneft and other companies. Development of Fields in the Territory of Republic of Tatarstan Poltava In the competitive refining segment the Company Kharkov develops its own facilities with concurrent expan- Khmelnitsky sion of oil, gas and petrochemical products sales Electric Power Crude Oil Production Vinnitsa Cherkassy markets. Supply GABON OAO Tatoilgaz ZAO Tatex The corporate network of filling stations is one of OAO Tatenergo Mineral-Rostoff- Texneft Incorporated (USA) Dnepropetrovsk Fields development the most dynamically developing in the territory Handel GMBH (Germany) of Russia and it occupies leading positions by Petrochemical works volumes and quality of sold oil products among other brands of filling stations. Crude oil refining In petrochemical production the tires produced Odessa by the Company compete at the markets of ANGOLA Supply of technologies, equipment and services Russia and CIS countries with other major tire Packer Production manufacturers. Retail sales network Smith Services (USA) Simferopol * in addition to shown on the map OAO Tatneft Annual report 2009 www.tatneft.ru 4 5 R.N. Minnikhanov Sh.F. Takhautdinov President of the Republic of Tatarstan, General Director, Chairman of the Chairman of the Board of Directors Management Board of TATNEFT Dear Shareholders, Investors and Partners! TATNEFT is the largest taxpayer of the Republic of Dear shareholders, thank you for the trust you put in Joint Address In 2009, the Joint-Stock Company TATNEFT success- Tatarstan. It provides a significant portion of the pro- us! The Management and employees of the Company in fully achieved its strategic objectives of increasing the ceeds in the national budget and actively participates in all their activities aim at achieving the set goals and they volume of profitable oil and gas production, expanding the social and economic development of the Republic. make every effort to implement them. We express our to Shareholders, the resource base and diversifying its production. 16 new The Company also leads in its added value indicators. Its confidence that 2010 will be the next stage of dynamic petroleum deposits were discovered in the territory of the creation is a priority for TATNEFT and it provides a decent development of the Company and the year of increasing Investors and Republic of Tatarstan and Russia, as well as abroad. The standard of living not only for the Company’s employees, its share capital as well as strengthening its financial sta- growth of reserves significantly exceeded annual oil pro- but also for the inhabitants of the region. bility and international status. Partners duction. The activity of TATNEFT in 2009 received a high In order to expand the resource potential in the appreciation of the state and public organizations. The Republic of Tatarstan development of extra-viscous oil Company won several top awards in the field of scientific reserves in Ashalchinskoye and Mordovo-Karmalskoye and technological developments, for its disclosure of cor- fields was continued. Operations in this direction are per- porate management practice, social responsibility and it formed with application of advanced technologies and occupied a top position in the financial and environmental global experience. ratings. During the past year
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