Rustam Minnikhanov holds a regular board meeting of Tatneft Oil Company

On April 24, in the Government House of the republic, Tatarstan President Rustam Minnikhanov chaired a regular board meeting of the Tatneft Oil Company, which summed up the results of the company’s budget execution for the first quarter of the current year and approved the budget for May 2018.

The results of the company's financial and economic activities in 2017 were presented to the Board at the meeting. In general, crude oil produced at the Tatneft’s fields last year amounted to 28 million 587 thousand tonnes over the past year, which is 0.9 per cent higher than in the previous year. The production volume of high-viscosity oil made 1,620 thousand tonnes in 2017. As many as 887 new production wells were put in operation and 213 injection wells were commissioned. The volume of collected associated petroleum gas totaled 907 million cubic meters in 2017.

The net revenue of the company (excluding VAT and export duty) as calculated under Russian Accounting Standards made 581.5 billion roubles, while the net profit amounted to 100 billion roubles. The Tatneft Company paid 317.2 billion roubles of taxes and payments to the budgets of all levels, which is 79.3 billion roubles more as compared to the previous year and is related to the increase in mineral extraction tax, export duty and income tax.

A total of 89.1 billion roubles were allocated for the implementation of the investment programme for all types of production activities of Tatneft Group.

The meeting discussed the organization of work on elaboration of the company's development plan for crude oil production up to 2030 in the Exploration and Production sector taking into account external territories in the Strategy of the Tatneft Group of Companies. The Tatneft Strategy is planned to be updated in August 2018.

A number of other issues, including the information on the Audit Committee operation, the annual general meeting of the company’s shareholders, dividends on Tatneft shares were also considered at the meeting.