MOSCOW, October 22. /TASS/. Russia’s oil producer Tatneft is considering ways to enter foreign markets, Chief Executive Officer Nail Maganov told TASS, adding that crude output restrictions stipulated by the international agreement OPEC+ prompt seeing for new growth areas.
"Our strategy through 2030 is indeed focused on the development of crude production in the Volga region. Meanwhile, foreign assets are also attractive. However, the changing external conditions, OPEC+ production restrictions make us seek for new growth areas on new markets more actively," he explained.
Tatneft have current service contracts in Turkmenistan, where options of cooperation expansion are under discussion, as well as projects are being developed in Central Asia, Maganov said. "Now we have current service contracts in Turkmenistan, where options of cooperation expansion are being discussed. We have conveyed our joint development concept to Turkmenistan’s leadership. Contracts on geological exploration and gas and oil production with partners in Uzbekistan, Kazakhstan and other Central Asian countries are being actively developed," he added.
Tatneft operates in Tatarstan, the Samara, Orenburg and Ulyanovsk regions, the Nenets Autonomous District, and Kalmykia. The company accounts for around 8% of oil production in Russia and over 80% of output in Tatarstan.
The Republic of Tatarstan, which owns more than 36% of the company's ordinary shares, is the main shareholder of Tatneft. Treasury shares account for roughly 3%, while 25.75% is placed in ADR. Other shareholders own 34% of shares, among them there are no owners of more than 5% of share capital.