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Tatneft has reached retirement age

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Kommersant.ru |  November 26, 2013

Tatneft has reached retirement age

Shafagat Takhautdinov, CEO of Tatneft, who has held this post for almost fifteen years, is retiring. He will be succeeded by Nail Maganov, former First Deputy General Director and brother of the Vice-President of LUKOIL. However, experts do not expect that the appointee will either change the strategy of the company or conduct some kind of rapprochement with LUKOIL.

The Board of Directors of Tatneft accepted the resignation of 67-year-old Shafagat Takhautdinov from the post of CEO due to his well-deserved retirement and appointed Nail Maganov to this position, reported Tatneft yesterday. This issue was put on the agenda at the request of Mr Takhautdinov, who has served as CEO since 1999. At the same time the ex-head of the company will retain his post in the Board of Directors of Tatneft.

The Tatneft produces over 80% of oil in Tatarstan (the company produced 26 million tons in 2012). The main shareholder of Tatneft is the holding company Svyazinvestneftekhim (while 70% of shares are owned by the government of Tatarstan), which owns 30.44% of the share capital of the company. At the same time Tatarstan owns the golden share of Tatneft and the chairman of the Board of Directors of the company is Rustam Minnikhanov, President of the Republic.

Shafagat Takhautdinov ranked third in the unofficial ranking of long-term CEOs of major oil companies. The only CEOs who hold office longer are Vagit Alekperov, owner of Lukoil (since 1992) and Vladimir Bogdanov who became CEO of PO Surgutneftegas in 1984. Mr Takhautdinov has worked in Tatneft since 1965 starting as an assistant driller in Almetyevsk, and 25 years later he was appointed First Deputy General Director.

His successor Nail Maganov has worked in Tatneft since the 1980s and in the mid-90s he became Deputy General Director. Until recently, Mr Maganov was First Deputy General Director and Head of the Department of Oil and Oil Products. At the same time, his brother Ravil Maganov is Vice President for exploration and production in LUKOIL. But the companies do not have significant joint projects, except for the joint venture Kalmtatneft, shares of which are owned by the partners on a parity basis. Also, LUKOIL’s subsidiary RITEK produces 1 million tons of oil per year in Tatarstan (LUKOIL plans to invest another 4 billion rubles in oil production in the republic in 2014). The news of personnel changes in Tatneft virtually had no impact on its shares. So, yesterday they fell by 1.12% with the 0.11% fall of the MICEX index.

Andrei Polishchuk from Raiffiesenbank believes that after the appointment of Nail Maganov CEO of the company the development strategy of Tatneft will remain the same: the focus will be on stabilizing production and increasing downstream volumes. He believes that the strengthening of cooperation between LUKOIL and Tatneft, in spite of the family ties of top managers, is unlikely. In his view, the only possible area of their cooperation is production of heavy oil. Dmitry Akopov, CEO of recruitment company Jacobson Partners, also believes that the appointment of Nail Maganov who was in charge of key operations of the company for several years, and who is actually the second person in its leadership may indicate a continuation of the current course in Tatneft activities.

Anna Solodovnikova

Read more: www.kommersant.ru/doc/2352467.

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