Investment program of "Tatneft" on oil recovery in 2010 is planned 20,6 billion rbl.

The next session of Tatneft Board of directors was conducted in Kazan by Prime Minister of Republic Tatarstan - Board chairman Rustam Minnikhanov.
Results of the budget performance of "Tatneft" for nine months have been examined and a budget for November of current year was approved.

During a session the information on implementing the program of anti-recessionary actions of "Tatneft" was heard and discussed, which had been accepted in connection with an economic situation in the end of last year at the world market.

The measures undertaken by a company management on maintenance of financial stability, optimization of expenses and preservating industrial potential enabled to balance charges and fulill the planned financial, economic and industrial parameters.

For 9 months of "Tatneft" expects to receive nealy 58 billion rbl. of balance profit. The sum of the profit tax will make 12,6 billion rbl., including in the RT budget about 11 billion rbl., that considerably above a planned figure .

The volumes of investments partially have been restored also. In the second half-year 1 billion in addition is allocated for drilling wells and 300 million rbl. more - on holding geology-technical measures.

Considering low rates of restoring the world economy and the necessity under these conditions for preserving financial stability, the works over optimization of expenses will be continued.

The Board of directors considered a course of realizing the investment program on an oil recovery in 2009 and formation of investment for 2010.

The investment program on oil recovery in current year is carried out according to the schedule. The general volume of investments for 9 months 2009 has made 13,5 billion rbl.193 wells have been drilled and put into operation. Due to carrying out geological -technical measures it has been extracted more than 982 thousand tons of oil, what is 54 % more the than planned volume.

For 2010 the investment program on oil recovery is planned in amount of 20,6 billion rbl. with a purpose of retaining the reached level of oil recovery.