Rustam Minnikhanov holds Board Session of OAO “Tatneft”

On May 27, Tatarstan President Rustam Minnikhanov held a regular Board session of OAO “Tatneft” in Almetievsk. The Board reviewed the copany’s budget execution for four months of 2014 and approved the budget for June of the current year, as well as discussed the results of the financial and economic activities of the company in the first quarter of this year.

By and large, 6 million 453 thousand tonnes of crude oil was produced in the fields of TATNEFT for the first three months of this year. According to the results of the financial and economic activities the company received 30.8 billion roubles of profit before tax. The net profit increased by 6.2 billion roubles compared with the same period of the last year and amounted to 24.4 billion rubles.

The Board discussed the plans for crude oil production and geological and engineering operations of OAO “Tatneft” for 2015-2016. Currently, the Company is developing 83 fields. As of 2013, according the audit results by Miller and Lents, the proved crude oil reserves amount to 847.3 million tonnes. The Board approved the plan of crude oil production for the next two years aimed at stabilizing crude oil production in Tatarstan and growing production due to producing extra-viscous oil, as well as implementing projects outside the republic.

The Board was briefed on the results of the consolidated financial IFRS statements for the Tatneft group of companies, audit results of the company's financial and economic activities for 2013 by Energy Consulting/Audit and Company's Audit Committee, the summary report on the results of the last year operations, annual report and annual financial statements.

The Board also discussed information about the annual general meeting of shareholders of OAO “Tatneft” and a number of other issues of the company's activities.