Board session of Tatneft Oil company held in Kazan

On September 29, Board session of Tatneft Oil company chaired by Tatarstan President Rustam Minnikhanov was held in Kazan. Results of budget execution for eight months of 2015 were considered and budgets for October and fourth quarter of the current year were approved at the session.

The board of directors heard information about resource base of Tatneft company and oil production maintenance in the Republic of Tatarstan.

According to the audit company “Miller and Lenz”, for the beginning of 2015 the company’s oil reserves make 851,5 mln tones, prospective oil reserves - 323,7 mln tones, and possible oil reserves - 28,9 mln tones. For the last five years the increase in oil reserves exceeded oil production volume by 1.2 times.

It was noted that Tatneft group has sufficient resource base to stabilize and increase oil production in Tatarstan and Russia.

Results of measures taken on increasing financial stability of Tatneft branches were discussed at the session.

Under current economic conditions, the influence of macroeconomic parameters on the company’s financial and economic activity is being analyzed.

Replenishment of deficit is realized by means of measures being taken in several areas, including oil production, oil and gas processing, petrochemical sector, and import substitution.