This necessity was caused by the changes in oil prices. That is why Tatneft cancelled two agreemnets last week and announced it was in search for better conditions.
Though Tatneft's director of international financial reporting, Vladlen Voskoboinikov, said the plant's financing is not in jeopardy.
Tatneft terminated $1.2 billion worth of orders for the refinery's hydrotreating and aromatics units with Maire Tecnimont and GS Engineering & Construction, the companies said in statements Thursday. The cancellations will have no adverse effect on the project, Voskoboinikov said.
The Nizhnekamsk plant, Russia's first major oil refinery since the Soviet era, will have a capacity of 140,000 barrels of crude per day. Russia's three biggest oil producers have upgraded Soviet refineries to boost refining capacity.