Financial management Print version
Financial management is focused on providing reliable funding sources with minimum expenditures and circulating capital management, aimed at profit maximization.
OAO TATNEFT cooperates with largest international investors, such as:
- BNP Paribas,
- Dresdner Bank AG,
- Credit Suisse,
- Berliner Bank AG,
- Societe Generale,
- Credit Agricole Indosuez,
- BHF-BANK AG,
- Zenit - Devon-Kredit Banking Group.
Positive history of cooperation with creditors allows the Company to attract funds for its projects, if necessary.
In the reported period OAO TATNEFT allocated its temporarily free funds at the financial market. Such allocations resulted in the proceeds from deposits and other allocations in the amount of 2.1 billion rubles.
The balanced Company's budget scheduled for the year 2008 was executed. All obligations for payment of works and services, for delivered products, payment of taxes and money due to the non-budgetary funds were fulfilled by OAO TATNEFT in full and on a timely basis. In the second half of 2008 the Company activity was exercised in the conditions of essential instability expressed in the terms of rapid fall of prices for oil and the change of the national currency exchange rate.
Under the deficiency of funds respective measures for optimization of settlements with counter agents were implemented. To reduce withdrawals from the Company's turnover and to accelerate settlements with permanent counter agents cross obligations were paid via MDOC (Mutual Demands Offset Center). Turnover of settlements via MDOC amounted to over 5.1 billion rubles in 2008, which is 29.3% more than in 2007 with over 230 companies acting as participants of the Center.