The Board of Directors of the Tatneft Oil Company holds its regular meeting

On 28 February at its regular meeting presided by Tatarstan President Rustam Minnikhanov in the Government House of the republic, the Board of Directors of the Tatneft Oil Company discussed results of the implementation of the company’s budget in January 2022 and approved the budget for March 2022.

Participants of the meeting discussed the implementation of the investments campaign in 2021 and the plans for 2022. The meeting decided to discuss details of the planned investments 2022 separately later.

The Board was told about development of oil and gas projects outside Tatarstan. Thus the growth of oil deposits of the Tatneft in Russia is estimated to be 116 percent or 123.2m tonnes of oil and 6.1bn cubic meters of natural gas. The Company owns 33 license areas in five regions outside Tatarstan that include 46 deposits at a stage of exploration and test operation. 

The participants were also told about development of the Tatneft Tire business group KAMA TYRES, which underwent changes in organizational structure and management of procurement, manufacture and sales to increase its efficiency. 

The EBITDA of KAMA TYRES made more than 9bn roubles by the results of 2021 which was much higher than planned.

Currently the Tatneft tire manufactures produce more than 440 commodity items for different kinds of transport taking into consideration climatic and road operational conditions. Thus in 2021 the company developed 40 new kinds of tires for passenger cars, open pit trucks, UTVs and etc.

The company has also launched new production capacities to manufacture 300 thousand truck tires and 1.2m tires for passenger cars yearly in Nizhnekamsk and is planning to launch a joint venture with the capacity of 3m passenger tires and 0.5m truck tires in Kazakhstan in 2022.

To decrease its impact on climate the Tatneft has decreased its carbon footprint by 245 500 tonne of СО2 in 2021. To cut the amount of greenhouse gases, the company planted 8m trees in total last year.

Further development of the tire production business includes implementation of investment projects of developing new products by using innovations and new technologies and growth of investments activity.

Participants of the meeting were also told about prevention and struggle against corruption in the Tatneft Company, the results of which were highly assessed by the National Anti-Corruption Ranking of the Russian Union of Industrialists and Entrepreneurs.