Tatneft' : Regular Meeting of the TATNEFT’s Board of Directors

A regular meeting of the Board of Directors of PJSC TATNEFT chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in Almetyevsk on January 26, 2017.

The meeting summed up the budget execution results of PJSC TATNEFT for 2016 and approved the budget for February of the current year.

The members of the Board of Directors discussed the key areas of improving the efficiency of geological exploration operations. They emphasized a need for a more active use of innovations to ensure reserves for highly depleted deposits of conventional oil (supplementary exploration, oil recovery enhancement), prospecting for new deposits, HVO fields and oil fields in Domanik deposits. The existing and emerging technological shall ensure the implementation of the approved strategic objectives to increase the volume of crude oil production.

The information about the outcome of the Internal Audit Department operation was presented to the Board of Directors. There were 9 planned projects on various aspects of financial and economic activities of the Company carried out by the Department's experts during the period under report. Based on the audit results there were recommendations issued for improving procurement options of PJSC 'Nizhnekamskshina', strengthening the control over the conclusion of supplementary agreements, improving the quality of competitive procurements of works and services. The Department also coordinates the work of the 'Hot Line'. There were 790 messages received on various subjects in the reporting period with 28% being targeted messages directly related to the shortcomings and violations, which were properly investigated with appropriate measures taken.

The meeting also discussed a number of other issues of the Company's activities.