Memorandum Signed Between the Management of OAO Tatneft and the Chinese Consortium CNCEC

Октября 14, 2011

A memorandum of understanding and cooperation between OAO TATNEFT and the China National Chemical Engineering Consortium (CNCEC) was signed within the framework of the meeting of Rustam Minnikhanov, President of the Republic of Tatarstan, with delegations of Mitsubishi Heavy Industries, Sojitz Corporation and CNCEC.

On the part of TATNEFT the document was signed by Shafagat Takhautdinov, General Director of the Joint Stock Company, and Tszin Kenin, Chairman of the Board of Directors, signed on the part of CNCEC.
The document signed by TATNEFT and CNCEC Companies establishes a foundation for cooperation in implementing the project of facilities construction for TANEKO Refineries and Petrochemical Plants Complex, including the hydrocracking complex. In accordance with the Memorandum the Parties will work on drawing up the terms of the mutually beneficial cooperation taking into account the needs of further successful development of the Refineries and Petrochemical Plants Complex in Nizhnekamsk on the basis of the experience and potential of both Companies