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The Board of Directors of TATNEFT discussed the results of the Company’s Activity in 2010

A regular meeting of the Board of Directors of OAO TATNEFT was held in Kazan (Republic of Tatarstan) on April 29, 2011. The Board of Directors summed up the budget of the Company for three months of 2011 and approved the budget for May. The Board discussed the results of …

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Rosneft Posts 50% Growth of EBITDA and Generates USD 3.3 bln of Free Cash Flow

In Q1 2011, Rosneft’s revenues increased by 36.3% year-on-year, to USD 20,123 mln. The increase was due to higher crude oil and petroleum product prices as well as due to the growth in sales volumes by 4.9%. Rosneft’s EBITDA amounted to USD 6,653 mln in Q1 2011, which is 1.5 …

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The global oil and gas industry unite at OGU, the leading oil and gas event in Uzbekistan.

The 15th Uzbekistan International Oil & Gas Exhibition and Conference (OGU) will take place on 17-19 May 2011 in the UzExpocentre and InterContinental Hotel in Tashkent, Uzbekistan. The regional and international oil and gas industry will converge at OGU for the country’s leading oil and gas event. The exhibition and …

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Baker Hughes Introduces Artificial Lift Technology Advancements

New pump design, variable speed drive software, and power monitoring capabilities optimize production and well economics Baker Hughes  announced today three technology innovations designed to enhance the operating range and reliability of electrical submersible pumping (ESP) systems and to reduce operating expenses associated with ESPs. A new pump design, a …

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NewTech Services and Varel International Create Joint Venture

NewTech Services (NTS) and Varel International announce the creation of a 50-50 joint venture company focused on manufacturing, assembling, servicing and sales of oil and gas drill bits for the Russian CIS market and beyond.  The joint venture, Varel NTS, will establish a state-of-the art PDC manufacturing and service facility …

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Gazprom Neft’s syndicated loan named “Deal of the Year” by Trade Finance Magazine

In its annual recognition of the most noteworthy commodities and export finance deals, Euromoney publication, Trade Finance Magazine, awarded a “Deal of the Year” to the $1.5 billion syndicated loan secured by Gazprom Neft. Trade Finance Magazine stated in their article on the deal featured in the March 2011 edition that …

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OAO Tatneft published its audited consolidated U.S. GAAP financial statements for the year ended December 31, 2010

OAO Tatneft (the “Company”) published today on its web-site (http://www.tatneft.ru/eng) the audited consolidated financial statements for the year ended December 31, 2010 prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) (the “Financial Statements”) and related Management Discussion and Analysis of Results of Operations (the “MD&A”). Selected financial …

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Polarcus receives Letter of Intent from Wintershall

Polarcus Limited is pleased to announce that the Company has received a Letter of Intent from Wintershall Norge ASA for a 500 square kilometer 3D seismic acquisition project over PL577 in the Norwegian North Sea, offshore Norway. The project, subject to the execution of a service contract, will be acquired …

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Gazprom Neft Fuels Business Growth with IBM Software

IBM today announced that Gazprom Neft, one of Russia’s leading oil companies, is using IBM DB2 database software to power its accounting system across its oil product delivery enterprises. As a result, Gazprom Neft expects to reduce operational risks, decrease the deadlocks by 40 times compared with the previous version …

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Lukoil and Rosneft Sign a Deal on Long-term Cooperation

President of Rosneft Eduard Khudaynatov and Head of Lukoil Vagit Alekperov signed an agreement on long-term cooperation between their companies. Deputy Prime Minister Igor Sechin was present during the signing ceremony. Capitalizing on the successfully developing cooperation between the two companies and striving for improved profitability of existing projects, Rosneft …

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