ALMETYEVSK, May 22. /TASS/. Tatneft is going to scale up oil refining in the near time to 70% of its production volume, CEO Nail Maganov said at the annual general meeting of shareholders of the Russian oil company .

"We are now refining 60% of produced oil. We will refine 70% in the near time. We are the first in the Russian Federation by this indicator," the chief executive said.

The Taneco Refinery provides for 40% of Tatneft’s revenues, which is a good backup against all external challenges, Maganov noted. "Every refined ton of oil provides us with 2.5 times more profit than simply oil sales," he added.