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Russia Tatneft in $100 Mln Libya Capex Loss

Source: Reuters 3/28/2011, Location: Africa

Russia's six-biggest crude producer, Tatneft is expected to book a $100 million losses from capital expenditures in war-ragged Libya, a source in the company told Reuters on Monday.

Russian companies Gazprom, Gazprom Neft and Tatneft have invested hundreds of millions of dollars in oil and gas exploration in Libya. But the recent unrest in Libya forced Russia to evacuate hundreds of workers and suspend its businesses in the country.

"Losses from the capital expenditures totalled around $100 million. There are, of course, another write-offs in Libya," the source in Tatneft said without elaborating.

He said it was unclear when the company will be able to resume its operation in Libya.

Tatneft was the first among Russian companies to make a foray into Libya's hydrocarbon market in 2005 when it won concession rights to work at Ghadames.

At the end of 2006 Tatneft won the biggest share of Libya's third post-sanctions international licensing round, and was working at four blocks along with National Oil Corporation (NOC) of Libya under production sharing agreements.

Russian Railways signed a 2.2 billion euro ($3.07 billion) contract in 2008 to build a high-speed railway from Sirte to Benghazi on Libya's Mediterranean coast.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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