President of Tatarstan holds session of Tatneft Board

A regular session of JSC Tatneft Board chaired by the Tatarstan President Rustam Minnikhanov was held today at the RT Government House. Results of the company’s budget performance for three months 2012 were summarized and budget for May was approved at the session. Besides, outcomes of financial-economic activity of JSC Tatneft for 2011 were discussed at the session.

Thus, 25,9 mln tons of oil were produced last year (65 thousand tons more than in 2010). 266 thousand tons of oil were produced at licensed fields of subsidiaries outside Tatarstan in Russian Federation.

Implementation of the resource-saving program continued. Due to realized measures, specific energy consumption for oil production reduced by 0,7 % in comparison with 2010. Net proceeds (excluding VAT and export tax) increased by 23,5 % ad made 318,6 bln roubles. Net income for 2011 made 54,9 bln roubles.

Total sum of charged taxes and payments for all budget levels including export tax made 321 bln roubles.

65,8 bln roubles were allocated for implementation of the investment program by all production activities of Tatneft group of companies, including 26,7 bln roubles - for oil production, 36,2 bln roubles – for construction of Complex of oil-refining and petrochemical plants in Nizhnekamsk.

Information about annual general meeting and composition of JSC Tatneft Board was heard, payment of dividends for 2011 considered and agenda of general annual meeting of shareholders was approved at the session.