Rustam Minnikhanov holds Board Session of Tatneft Oil Company

On December 25, in Almetyevsk (Tatarstan), Tatarstan President Rustam Minnikhanov chaired a regular board meeting of Tatneft Oil Company.

The Board reviewed the company’s budget performance for eleven months of 2014 and approved the budget for January and the first quarter of 2015.

The Board discussed the report presented on the further development of the company’s logistics system. The meeting highlighted the key objectives for 2015. They include expansion of the suppliers’ range through integration with intercompany trading platforms, the maximum import substitution and cooperation expansion with Russian manufacturers, etc.

The Board considered the implementation of the projects for the development of small and medium-sized businesses as exemplified by "P-D Tatneft-Alabuga Fiberglass". This enterprise is currently producing 24 thousand tonnes of products per year, which is 14 per cent above the design capacity. Over the past two years, the enterprise has put into operation new lines for production of wet chopped fiberglass strands, roving fabrics and glass powder. In 2015, the company plans to start the production of innovative products such as foam glass, twisted fiberglass filaments and dry chopped strands. The meeting considered prospects for further increasing the production volume, which will allow increasing the added value, creating additional jobs and providing for import substitution in the domestic market of fiberglass.

The Board also considered a number of other issues of the Tatneft Company activities.