OREANDA-NEWS. The Board of Directors of OJSC “TATNEFT” discussed the results of executing the OAO TATNEFT budget for the year 2006 and approved the budget for the month of February 2007 at meeting held on February 1, 2007.

The work on improving the corporate management system, further increase of reserves, restructuring and withdrawal of the non-core activities allowed increasing the market capitalization of OAO TATNEFT and reaching the level of US$ 10 billion dollars in 2006.

The Board of Directors has analyzed the major factors providing for Tatneft capitalization increase and assigned the Executive Board of the Company to continue the work in this field.

The Board of Directors familiarized with ethane yield increase and reconstruction of Minnibaevo Gas Processing Plant project, which was decided at the Board meeting on December 27, 2006.

The Board of Directors has reviewed and accepted as a basis a Provision on budgetary management in OAO TATNEFT.