Rustam Minnikhanov holds a regular board meeting of Tatneft Oil Company

On March 24, Tatarstan President Rustam Minnikhanov chaired a regular board meeting of Tatneft Oil Company, which considered the results of the budget execution of Tatneft Company for two months of the current year and approved the budget for April, as well as for the second quarter of 2020.

The information on the results of the “Exploration and Production” business line activities in 2019 were presented to the Board taking into account the improvement of work processes to ensure the environmental friendliness and sustainability of the сompany. As part of the production programme, the company continued implementing projects aimed at ensuring sustainable development and increasing the environmental friendliness of production, including the reduction of the carbon footprint. The consumption of fresh water in the PPD (reservoir pressure maintenance) system was amounted to 11 per cent recently. The energy saving programme made it possible to reduce the electric energy consumption by 2.2 per cent and the thermal energy by 34 per cent.

The meeting was informed about the progress made in the environmental safety in view of the climate change. In October 2019, Tatneft signed a cooperation agreement with the National Network of the UN Global Compact Association. Recognizing all 17 Sustainable Development Goals, the company identified activities to reduce greenhouse gas emissions and reduce the carbon footprint in the new Policy in the field of industrial safety, labour protection and the environment, among the main priorities.

The Board also discussed the implementation of the company's exploration strategy and decided to appoint PWC (JSC PricewaterhouseCoopers Audit) as the financial statements’ auditor of Tatneft Oil Company for 2020 in 2021.