Rustam Minnikhanov holds regular meeting of Board of Directors of Tatneft Oil Company

On March 20, at the Government House of the republic, Tatarstan President Rustam Minnikhanov held a regular meeting of the Board of Directors of Tatneft Oil Company.

The meeting summed up the results of the company's budget execution for two months of the current year and approved budget amounts for April and the second quarter of 2017.

The Board discussed the progress in implementing the project for the development of high-viscosity oil fields. As of March 1, 2017, the cumulative production volume has amounted to 1 million 997 thousand 278 tonnes of oil with operating well stock amounting to 602 wells. Active work is underway to introduce new technologies for the development and production of high-viscosity oil fields to reduce operational costs.

As part of the agenda, the Board adopted a new version of the Corporate Management Code, and also discussed issues related to choosing an audit firm to perform an audit of Tatneft Oil Company’s  accounts according to IFRS  and RAS for 2016 by the annual general meeting of shareholders.

The Board also considered a number of other issues of the company's activities.