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. Last Updated: 07/27/2016

Tatneft Profits to Drop

MOSCOW -- Russia's fourth largest oil producer Tatneft will see 1998 pretax profit to domestic accounting standards fall to about half the previous year's levels on steady output of 23.17 million tons, senior officials said Tuesday.

Chief executive Rinat Galeyev said in a written address prepared for the annual meeting that 1998 profit should be no less that 1.3 billion rubles ($210 million).

Galeyev's aide for financial questions, Maxim Dyomin, said the figure compared to 1997 pretax profit to Russian accruals accounting standards of 2.7 billion rubles, making expected profit this year about half the previous year's.