Rustam Minnikhanov holds a meeting of the Board of Tatneft

The Tatneft board has held a regular meeting in Kazan, chaired by Rustam Minnikhanov.

The meeting examined the Tatneft’s budget performance in the eight months of 2010, approved a budget plan for October and the fourth quarter of this year and discussed estimates of Tatneft's financial and economic activities in 2011.

The board heard a report on the system of personnel training at Tatneft, arranging recreation and sanitation of children and company employees. The company’s consistent effort in this area was highly evaluated, the corporation’s executive directorate instructed to carry on with the work, the JSC Tatneft’s press service has said.

The decision was made to set up a branch in Turkmenistan, to provide management and render services in the oil and gas industry.

The board reviewed some other topics related to the JCS Tatneft’s operations.

The relations between Tatneft and the Turkmenneft state concern are based on a cooperation agreement between Tatarstan and Turkmenistan signed on June 28, 2008, and a memorandum of cooperation in the oil and gas sector signed by JSC Tatneft and Turkmenneft in July 2008. Tatneft and Turkmenneft in August 2010 during Tatarstan President Rustam Minnikhanov’s working trip to Turkmenistan concluded a service contract for 7 years. The subject is rendering services aimed to enhance oil production in the currently operated well pool and further use of the oil recovery potential at the Goturdepe oilfield.

The Tatneft’s innovative potential, its expertise in oil deposit exploration and development, well construction and repair, as well as the advanced oil production technologies, are of interest for the Turkmen party.

Turkmenistan annually recovers about 10 billion tonnes of oil. According to experts, the country has 20.8 billion tonnes of oil and 24.6 trillion cubic metres of gas resources.