Russian oil major Tatneft will open the London Stock Exchange this morning to celebrate 20 years of being quoted in London.
Over that period the total shareholder return of the group, which has a market cap of around £10bn, over that period has been just shy of 1,900 per cent. This means a pound invested in 1996 would be worth almost £19 today.
Vasily Mozgovoi, head of corporate finance at Tatneft, told City A.M. London was chosen as the company’s second listing location, after Moscow, because it is the “best place to attract international investment”.
Tatneft is pursuing a bullish strategy that “assumes doubling the value of the group (in US dollar terms) by 2025”, from $10.8bn (£8.6bn) to $21.5bn in 2025.
This year production is expected to be more than 20m barrels, at a rate of 500,000 barrels per day.