Tatneft Quits Libya

October 9, 2013

Tatneft has stopped working in Libya and evacuated all its employees who are Russian citizens. Ten employees who had been in Libya without their families returned home.

It is known that managers of the Libyan subsidiary negotiated with the National Oil Corporation of Libya. Tatneft had stopped operations in Libya in 2011 due to political tension. Back then, Tatneft's losses were esimated at USD 100mn. Tatneft planned to resume full operations in Libya from 2013.

Tatneft has been exploring four blocks in central Libya jointly with the National Oil Corporation. In the first half of this year, the company's Libyan assets were estimated at RUR 5.6bn.

Copyright: ProNedra, 2013.