Rustam Minnikhanov: Positive dynamics on the main macroeconomic indicators recorded in the republic is largely due to the oil industry

On May 27, at the head office of Tatneft Oil Company in the town of Almetyevsk, Tatarstan President Rustam Minnikhanov held a meeting with heads of small oil companies of the republic on the results of their activities in the first quarter of 2017 and prospects for their further development.

"The year began with the growth of oil prices. This gives us hope for a long-term stabilization of price quotations at a high level and, as a consequence, a long-term stabilization process," Minnikhanov said opening the meeting.

He noted that the first signs that the Russian economy is exiting a two-year recession appeared. The production growth is expected to be about 1.5 per cent per year in the medium term. Positive dynamics on the main macroeconomic indicators recorded in the republic, exceeding the national ones, is largely due to oil companies, Minnikhanov said.

Oil companies of Tatarstan ensured positive rates of oil production. The index of their industrial production made 103.1 per cent as compared to January-March 2016, 8 million 905 thousand tonnes of oil were produced, including 1 million 780 thousand tonnes by small companies. At the same time, all the obligations to reduce production were met, Minnikhanov stressed.

The growth of investment activity of small oil companies was recorded, Tatarstan President continued. The volumes of drilling and geological exploration works increased. The companies increased their revenues.  In particular, the volume of products shipped in the first quarter amounted to more than 28 billion roubles, payments to the consolidated budget of the republic made more than 1.2 billion roubles.

Deputy Prime Minister of the republic Albert Karimov, heads of regional ministries and departments, Director General of Tatneft Oil Company Nail Maganov and other officials took part in the meeting.