Tatneft Oil Company's Board sums up the results of the first half of 2017

On August 24, in the Government House of the republic, Tatarstan President Rustam Minnikhanov chaired a regular board meeting of Tatneft Oil Company.

The meeting considered the results of executing the Tatneft's budget for seven months of 2017 and approved the budget for September of the current year.

In particular, the Board discussed the results of the company's financial and economic activities for the first half of 2017. During the reporting period, Tatneft has produced 14.202 million tonnes of crude oil, which is 3.4 per cent higher than in the same period last year. The volume of collected associated petroleum gas has amounted to 470 million cubic meters, which is 1.9 per cent higher than the last year's level. A total of 470 new production and 113 injection wells have been put into operation. The production volume of high-viscosity oil (HVO) has amounted to 724 thousand tonnes, which is 2.5 times higher than during the same period last year. As of July 1, 2017, the total volume of high-viscosity oil produced since the beginning of development of the HVO deposits has amounted to 2,508 thousand tonnes. According to Tatneft's RAS financial statements, gross proceeds resulting from sales of products shipped for the reporting period have amounted to RUB 332.2 billion, while net proceeds (excluding VAT and the export duty) have made RUB 274.1 billion. Based on the results of the financial and economic activity the company has received net profit amounting 57.4 billion roubles. The total volume of investments in the Tatneft Group for the first half of the year has amounted to 41.7 billion roubles. The EBITDA target level for the Group, established in accordance with Strategy 2025, was met in the first half of the year with 7 per cent growth relative to the plan and the actual value amounted to 95 billion roubles.

The Board also discussed the strategy for the development of information technologies, which aims at assisting business-divisions in achieving their goals, as well as promoting the company's own IT products in the market and considered a number of other issues related to the company's activities.