Rustam Minnikhanov holds a regular board meeting of Tatneft Oil Company

On June 22, in Almetyevsk, Tatarstan President Rustam Minnikhanov had a regular board meeting of Tatneft Oil Company held after the annual general meeting of Tatneft Oil Company's shareholders.

The meeting considered the results of the budget execution for five months of the current year and approved the budget for July and the third quarter of 2018.

The Board discussed the activities of Tatneft Company on exploration and production of oil outside the republic.

The company has licenses for carrying out activities in the Samara, Orenburg, Ulyanovsk regions, the Republic of Kalmykia and the Nenets Autonomous District, as well as the rights to develop deposits beyond Russia, including in Libya.

The Company extracted 352,000 tonnes of oil from outside deposits in 2017. The Board noted a number of competitive advantages of Tatneft for carrying out activities outside Tatarstan, in particular the experience in the development of unique oil fields, including ultra-viscous oil, low-permeability carbonate and terrigenous reservoirs, highly qualified personnel, design institutes and advanced technologies, a unique experience in design, construction and operation of high-tech refineries.

The Board decided to continue work on identifying promising deposits outside Tatarstan, where the potential of the company can be effectively realized.

The information on the strategy to develop the gas chemical complex and market prospects in this area was also discussed. It was decided to continue work on determining the economic efficiency of the development of this business line based on the transition to the global integration of the processing enterprises with the formation of five clusters, including maleic anhydride, rubber, polyethylene, plastics and polystyrene, polypropylene.

The Board also considered a number of other issues of the company's activities.