Credit History Print version

TATNEFT opened its credit history in the West right after its transformation into a joint-stock company in 1994 when the Company was one of the first in the oil industry managing to procure a direct loan from a western bank without any guarantees from the Governments of Russia or Tatarstan.

In the middle of the 90-ies Dresdner Bank AG, Societe Generale, Chase Manhattan Bank, Berliner Bank AG became creditors of TATNEFT. For the purpose of raising funds TATNEFT fulfilled certain conditions of the creditors. For instance, the Company was one of the first in the industry to start preparation of its financial statements in accordance with GAAP principles. This was a prerequisite for its inclusion into the listing of the London Stock Exchange, and it occurred in 1996.

In 1997 TATNEFT placed eurobonds in the amount of $ 300 million with maturity of 5 years in the international markets. Redemption of the securities was accomplished in October 2002. The default of 1998 aggravated the financial situation of the Company.

In autumn 2000 TATNEFT restructured its debt in the amount of $ 354 million to the Club of Western creditor banks.

In 2001 there were received two credits totaling $ 225 million granted by Commerzbank and BNP Paribas. At the same time, the Company was paying out the restructured debt under the agreement concluded.

In 2002 OAO TATNEFT performed ahead of schedule full payment to the Club of foreign investors. In the same year the Company obtained Western loans totaling $ 500 million from CSFB and BNP Paribas at very low rates for Russian companies and with a record-breaking 5-year maturity at that time for the oil industry.

In 2001-2002 TATNEFT attracted a syndicated loan of 900 million rubles, placed two bonded loans totaling 300 million rubles. In 2003 the Company placed a bonded loan in the amount of 1.5 billion rubles. At present all the ruble loans and bonds have been fully and timely repaid.

In March 2003 the Company repaid a loan in the amount of $ 84.2 million obtained under the guarantee of Eximbank (United States) in 1996.

In March 2007 the Company redeemed a five-year loan of $ 200 million to CSFB.

In 2007 the Company prematurely closed the loan in the amount of $ 300 million from BNP Paribas.

In 2008 the Company attracted only short-term loans to cover cash gaps.

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