On 22 June at its regular meeting chaired by Tatarstan President Rustam Minnikhanov, the Board of Directors of the Tatneft Oil Company carried out assessment of its business diversification including the renewable sources of energy. It was said at the meeting that the Company continues expanding its portfolio of projects aimed at the growth of the Group value.
Main initiatives in oil production and fuel manufacture and sales are aimed at monetization of already existing skills including other regions of Russia and abroad and at providing sustainability of the main oil production business. Establishment of a multifunctional oil-service block will make it possible for the Tatneft to implement its possibilities in drilling and bringing the wells on line, in carrying out geological and technological, design and engineering and other works in oil production and the oil-field development.
One of the objectives of the long term sustainability of the Company is to increase its non-fuel business by increasing its share in operational profit up to 20 per cent by 2030. Main investments in this segment go to petrochemicals where the global market has favourable long-term prospects.
The Tatneft pays special attention to increasing the sustainability of the climatic risks projects portfolio and starting from 2020 has been introducing mechanisms of climatic risks assessment and accounting into its investments processes. Currently all medium size and large projects calculate and take into account the possible future cost of greenhouse gases emission.
The Board also listened to results of the budget implementation of the Company for the last five months of 2022, approved the July budget, was informed about labour safety and ecology measures and approved the Company anticorruption policy and policy in cyber security and cyber sustainability.