Regular board meeting of Tatneft Oil Company held

On October 29, in Almetyevsk, a regular board meeting of Tatneft Oil Company chaired by Tatarstan President Rustam Minnikhanov reviewed the company’s budget performance for nine months in 2014 and approved the budget for November of the current year.

The Board considered the forecast for financial and business activities, plans for crude oil production and the company's geological and technical activities for 2015.

The Board discussed the information on implementation of the programme to improve labor productivity in crude oil production. It was pointed out that the labor productivity had increased in recent years. The main factors of increasing the labor productivity were optimization of workplaces, implementation of a number of organizational and technical projects, introduction of new equipment and technologies, as well as lean production instruments.

It was also reported about the progress of implementation of the TANECO project (Oil Refining and Petrochemical Complex) and further development strategy Thus, it is planned to increase the refining depth of the Refinery and Petrochemical Plants Complex up to 90 per cent and the yield of light oil products to 77 per cent by 2016 with putting into commercial operation the delayed coking, naphtha hydrotreating, isomerization and catalytic reforming installations. Production of gasoline, light coking gasoil and other petroleum products, which are in great demand in the market, will allow significantly increase the profitability of the TANECO Complex. The plans of phased implementation of the development programme include increasing the volume of crude oil processing up to 14 million tonnes per year with the depth of processing up to 92 per cent and the yield of light oil products up to 87 per cent by 2020.

The Board also considered a number of other issues of OAO TATNEFT activities.