Rustam Minnikhanov holds a board meeting of Tatneft Oil Company

On July 19, in Kazan, Tatarstan President Rustam Minnikhanov chaired a board meeting of Tatneft Oil Company, which considered the results of the Company’s budget execution for the first six month of 2019 and approved a budget for August this year.

The meeting discussed the information on social investments of the company in general and the results of the activities of the Tatneft Charitable Foundation and plans for its development.

The social policy of the company is based on the principles of corporate social responsibility and is part of achieving the strategic goals.

The Tatneft Charitable Foundation is an important tool to implement the social policy. In 2018, all the company’s charitable funds were consolidated into a single Tatneft Charitable Foundation to increase the efficiency of social investments management while maintaining all the projects in full. Today, a single centre of responsibility for the implementation of the Tatneft Group’s charitable projects is being created at the consolidated Foundation.

Every year, over 40,000 individuals and 300 legal entities receive assistance through the Foundation, which cooperates with federal funds on projects for the most vulnerable segments of the population. A named patient targeted assistance programme for children of Tatarstan was launched together with Rusfond. A similar project is being implemented in conjunction with the “Gift of Life” Chulpan Khamatova’s Foundation.

The information about the prospects for the development of crude oil production, opportunities and objectives of the Exploration and Production business area was presented to the Board.

At present, the Company has highly efficient asset portfolios and a large-scale resource base secured by proven reserves for 30 years of crude oil production.

The Company focuses on increasing the efficiency of crude oil production at the assets, which are under development at the moment. The corresponding project programmes to increase the recovery rate and enhance the crude oil recovery factor are launched and implemented. The development of high-viscosity oil fields is a promising area for the development of crude oil production at Tatneft.

The Board also considered a number of other issues related to the Company's activities.