Rustam Minnikhanov holds regular board meeting of Tatneft Oil Company

On April 27, in Kazan Acting Tatarstan President Rustam Minnikhanov chaired a regular board meeting of the Tatneft Oil Company. The Board considered the budget execution of the Tatneft Oil Company for the first quarter of 2015 and approved the budget for May.

The Board also discussed the results of the financial and economic activity of the Tatneft oil company for 2014. Last year, the company's fields produced 26,223,000 tonnes of oil, which is 0.4 per cent more than in 2013. As many as 255 new production wells were commissioned. The licensed fields of subsidiaries outside Tatarstan in Russia produced 307,000 tonnes of oil.

During the reporting period, the company produced and delivered 276 thousand tonnes of gas liquids, while the total volume of produced associated gas amounted to 884 million cubic meters. The volume of extra-viscous oil produced at Ashalchinskoye field amounted to 237,000 tonnes, while the amount produced from the beginning of its development as of January 1, 2015 exceeded 562,000 tonnes.

The net proceeds (net of VAT and export duties) amounted to 392.4 billion roubles. According to the results of financial and economic activities, the pretax profit received amounted to 104 billion roubles. The net profit amounted to 82 billion roubles. The total amount of taxes and payments charged to all the levels of the budget came to 313.8 billion roubles.

The Tatneft Group of Companies spent 68.4 billion roubles for the investment program execution of all types of industrial activities, including 41.6 billion roubles spent in the area of crude oil production and 18.7 billion roubles for crude oil refining.

The Board discussed the programme to support scientific research in the area of crude oil production and refining in collaboration with the leading research and educational institutions located in Tatarstan.

The meeting discussed the implementation progress of the investment program. It was pointed out that the investments had provided for production of 2.2 million tonnes which was 10 per cent higher than the planned figure. The most effective efforts involved application of enhanced oil recovery methods, hydraulic fracturing, as well as wells' dual completion and production.

The information about dividends payable on the shares of Tatneft, as well as information about the annual general meeting of the company's shareholders was presented to the meeting. The Board also considered a number of other issues of the company's activities.