Thanks for a great post! You obviously know what you are talking about. Honestly, this is the best post on TNT I've seen so far. And it's not even on TNT's Board! :)
But I have to respectfully disagree with you on your assumption that the company's price has skyrocketed due to Putin's breaks to Tatars. The whole Russian stock market has been doing very well recently, due to improving fundamentals. Other Russian oil companies has also enjoyed huge increases. Unfortunatelly, they are traded only as over-the-counter stocks in the US. That's why I'm recommending TNT.
You are right that TNT enjoys a very special relationship with both federal and local Tatar governmnet. That's the best insurance against any kind of Yukos-like delelopments!
I agree that TNT is somewhat of a speculative buy. So, everyone, please don't use it as your core holding! That's for sure. But TNT is still great and currently undervalued entrance into the Russian oil industry. Besides, it's great for diversification.