Tatarstan President chairs a regular meeting of Board of Directors of Tatneft Oil Company

On October 26, in the Government House of the republic, a regular meeting of the Board of Directors of Tatneft Oil Company chaired by Tatarstan President Rustam Minnikhanov considered the results of the budget execution for nine months of 2017 and approved the budget for November of the current year.

The Board was presented a forecast of the financial and economic activities of Tatnfet Oil Company for 2018, which was developed taking into account major parameters of a basic forecast of social and economic development of Russia.

The meeting discussed the use of existing internal and external reserves to ensure effective sales of oil and petroleum products in volatile conditions of world oil markets.

Moreover, the Board discussed prospects for further development of the P-D Tatneft - Alabuga Steklovolokno project. The company is one of the largest in the industry and provides for the output of 32 per cent of products manufactured in Russia and 20 per cent of products output in the CIS countries. New production facilities allow the company to diversify its brand portfolio taking into account changes in the market situation in favor of the most marginal product types. The major repair plans for 2018 provide for modernizing the glass-melting furnace to increase its capacity up to 31,800 tonnes, which would allow the output and sales of readily marketable products to be increased. This will result in greater share of domestic products in the composite industry of the Russian Federation, which is in compliance with the policy of import substitution. It is planned to finance the project through attracting the state support from the Industry Development Fund of the Russian Federation.

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