Rustam Minnikhanov again heads up Tatneftekhiminvest Holding board of directors

Tatneftekhiminvest Holding on Wednesday at the House of Tatarstan Government held its annual general meeting, chaired by President of Tatarstan, Rustam Minnikhanov. The meeting discussed the 2012 performance.

General director, Rafinat Yarullin, delivered a report, saying the Tatarstan’s oil, gas and petrochemistry complex development programme for 2010-2014 had continued to be implemented in the expired year. A total of 235 billion roubles in capital investment had been disbursed over its course, he said, output increasing by 24 percent, productivity by 27 percent and added value by 52 percent.

Tatarstan had increased its share in the national production of oil products and retained leadership in monomer, polymer and rubber production, the reporter said.

The shareholders recognised the corporation’s performance in the expired year as satisfactory.

The net profit of 867 million roubles was decided to be used for development purposes. The high net profit is accounted for by the reappraisal of Tatarstan company shares, mainly due to increased quotations of the Tatneft shares that are on the holding’s balance sheet.

Tatneftekhiminvest Holding elected a new board of 22, whose membership underwent no significant changes. President of Tatarstan, R. Minnikhanov, Prime Minister, I. Khalikov, first deputy prime minister, R. Muratov, industry and trade minister, R. Zaripov, and others were re-elected.

The new board immediately after the general meeting held its first meeting, where R. Minnikhanov was re-elected as chairman and holding’s general director R. Yarullin’s power were extended.

Tatneftekhiminvest Holding had pursuant to a President of Tatarstan decree been established in 1993, to improve the management of the local oil, gas and petrochemistry branch. The society’s equity is 42,053,006 roubles.