A meeting with small oil companies of the republic

On January 26, in the Government House of the republic, a meeting on results of activity of small oil companies of the republic was held.

Senior executives of small oil companies and Tatneft Oil Company, senior officials of ministries and agencies of the republic, subdivisions of federal agencies and representatives of Office of the President and Cabinet of Ministers of the republic took part in the meeting.

According to Tatarstan President Rustam Minnikhanov, Russia’s participation in OPEC+ agreements has helped to balance the market supply and demand, to increase in oil prices and, as a result, to fill up the budget. Oil production quotas have been extended to December 2018. Minnikhanov called this a great success of the authorities of the country. “Nobody believed that the oil price will be over 50 US dollars per barrel, but now it is 70 US dollars. The country and the regions are winning,” he emphasized.

Minnikhanov also reported that 35,845 million tonnes of oil or 101 per cent to the level of 2016 were produced in Tatarstan last year.

Tatneft Oil Company produced 28,587 mln tonnes of oil, small oil companies produced 7,258 mln tonnes. Over 6.5 per cent of total Russian oil is produced in Tatarstan.

Largely due to steady work of oil producers, there is positive dynamics for a number of macroeconomic indicators in Tatarstan.

The gross regional product amounted to 2.254 trillion roubles with growth rate at comparable prices reached 103 per cent, the industrial production output amounted to 2,254 trillion roubles. At the national level, Tatarstan ranks third in agriculture, fourth in investment in fixed assets, fifth in industrial production and in housing construction. All social obligations are implemented.

The meeting was also attended by Minister of Finance of the Republic of Tatarstan Radik Gayzatullin.