The TNK International Ltd holding company had net earnings of US$1bn-US$1.2bn in 2002, compared with US$1.117bn in 2001. Targeted net earnings in 2003 for the Russian oil group are US$800mn, Andrei Kushnarev, head of investor relations at Tyumen Oil Company (TNK), says.
TNK International anticipated net sales of US$5.5bn-US$5.6bn in 2002 and expects the same this year. Net sales were US$5.174bn in 2001. Ebitda earnings for 2002 were around US$2.1bn-US$2.2bn, compared with US$2.111bn in 2001.
This year’s Ebitda should be US$1.7bn. This year’s targets assume that Brent crude will trade at US$18 a barrel, Kushnarev says. TNK International plans this year to produce oil at a rate of 800,000-830,000 barrels per day, compared with 758,000 barrels in 2002, and to refine 450,000-470,000 barrels, compared with 420,000 barrels.
TNK International plans to export 43% of its oil compared with 46% in 2002, and 41% of its oil products compared with 45%. Capital investments should go up US$200mn to US$700mn this year.
The holding company will spend US$400mn (as in 2002) on upstream activity and US$300mn on downstream and other areas (US$100mn). The company also intends to reduce the cost of producing oil by 10% by holding tenders for services such as drilling, new technologies, oil well optimization and cost management.