Rustam Minnikhanov has held a meeting of the Board of Directors of the Tatneft Oil Company

On 27 January in the Government House of the republic Tatarstan President Rustam Minnikhanov held a meeting of the Board of Directors of the Tatneft Oil Company. 

The Board considered the results of the Company’s budget execution for 2021 and approved the budget for February 2022.

The Board was also informed about activities of the company’s Internal Audit Department for the past year and approved the Department’s work plan for 2022. The external assessment of the Company’s Internal Audit Department activities demonstrated full compliance with International Professional Standards and the Professional Ethics Code of the Institute of Internal Auditors.

The information on the implementation of the TATNEFT’s strategy of innovative development from 2018 to 2021 was presented to the participants of the meeting. A systematic approach to the technology development allows the TATNEFT Group to increase the potential for innovative growth in all business and functional areas.

All projects developed by the Company are assessed in terms of ESG risks and a contribution to the sustainable energy future. Special attention is paid to promising technologies for recovery, cleaning and processing of CO2 into various types of marketable products, including the ones implemented at the TANECO oil refinery.

The Company develops a system of "open innovations" to address the current industry and new global challenges and the partnership network of TATNEFT includes more than 130 strategic partners.

The successful fulfillment of the business technological tasks is also ensured by the systematized integration of technologies. The synergistic effect is achieved through the application of complex technological developments and IT solutions. One of the examples is the application of complex technologies in the reservoir pressure maintenance system, where, due to the introduction of integrated modeling, the energy-efficient equipment and other innovative solutions, the electricity consumption is reduced by 2 times, greenhouse gas emissions are reduced by 6.5 times and the cost of pipeline construction is reduced by 30 percent.

The technological potential of the Company and the expansion of the Company’s presence geography are also demonstrated by its patent work. From 2018 to 2021 TATNEFT registered the rights to 1,336 intellectual property items. As many as 431 relevant applications were submitted in 2021, including 34 of them registered outside the Russian Federation, showing the growth for 77 percent compared to 2017.

The TATNEFT innovation strategy pays special attention to the development of in-house collaboration of research, engineering, marketing and production divisions of the Company. A developed ecosystem will make it possible to implement complex technological solutions using the intellectual and production resources of the composite, machine-building, digital, biotechnological clusters, etc.

The Board decided that in its innovative strategy the Company will focus on the implementation of regional and federal innovation development programs to solve large-scale production problems in the interests of the Republic and the country within the framework of the Company’s innovation strategy.