Annual general meeting of Tatneft Oil Company's shareholders held in Almetyevsk

On June 23, in the city of Almetyevsk of the republic, Tatarstan Prime Minister Alexey Pesoshin took part in the annual general meeting of Tatneft Oil Company's shareholders, at which its Director General Nail Maganov outlined the company's results achieved in 2016.

In particular, he reported that 2016 was a qualitatively new stage in the development of the company, which began implementing the Strategy for the period until 2025. Maintaining continuity with the previous stages of the development, Strategy-2025 is aimed at creating high added value on the capital invested by the shareholders and doubling the shareholder value of the company.

According to Maganov, the work carried out in the reporting year resulted in increasing  the consolidated share capital by 51.2 billion roubles and amounted to 709 billion roubles.

The total value of the company’s consolidated assets exceeded one trillion roubles. The value of consolidated assets has almost doubled since commissioning the TANECO Refining and Petrochemical Plants Complex in 2011.

Maganov pointed out that high operating results were achieved in all business segments.

As of December 31, 2016, according to the SPE-PRMS classification, the company's proved oil and condensate reserves amounted to 872.3 million tonnes and taking into account gas reserves it made 910.3 million tonnes of oil equivalent.

The volume of oil produced for the Tatneft Group of Companies amounted to 28.7 million tonnes in 2016.

Defining further prospects for the development of the company, Maganov pointed out that the strategic projects aimed at increasing the efficiency of crude oil production, as well as development of high-viscosity oil fields and development of the company's oil refining and petrochemicals production remain a priority.