OREANDA-NEWS. On July 27, 2007 a meeting of the Board of Directors of OAO Tatneft chaired by Rustam Minnihanov, the Prime Minister of the Republic of Tatarstan, was held in Kazan, reported the press-centre of Tatneft.

The Board of Directors reviewed the results of the budget implementation of the company for the first six months of the year, and it approved budget for August of the current year.

The Board of Directors heard and discussed the information regarding the results of the consolidated financial statements under US GAAP for Tatneft Group of Companies for the year 2006. The revenue growth was 6% compared to 2005, the net profit increased by 5%. The transportation, commercial, general and administrative costs were reduced compared to the cost of one barrel of produced oil.

The information about the results of the international consolidated financial statements for the year 2006 is published on the official web site of the company.

The Board of Directors also discussed a number of other issues regarding the activity of Tatneft Company.