Rustam Minnikhanov holds a regular board meeting of Tatneft Oil Company

On December 22, in Almetyevsk, Tatarstan President Rustam Minnikhanov held a regular board meeting of Tatneft Oil Company, which considered the results of the budget execution for 11 months of the current year and approved the budget for January and the first quarter of the next year.

The meeting discussed the report on the results of exploration work at the company's license areas. The crude oil recoverable reserves for Tatneft Group are expected to grow by 30 million tonnes (taking into account the due increase of the formation recovery factor).

The meeting considered the forecast of implementing the investment programme for 2017. As many as 50.2 billion of 95.3 billion roubles planned to be spent for the reporting period have been allocated for exploration and production of oil, including high-viscosity oil and 36.1 billion roubles have been used for the development of the TANECO Oil Refining and Petrochemical Plants Complex. The planned investments for 2018 amount to about 100 billion roubles.

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