OREANDA-NEWS. On January 31, 2007 at the the Board of Directors reviewed the 2007 budget performance results of OAO Tatneft and approved the Company's budget for February 2008, reported the press-centre of OAO Tatneft.

The Board summarized the Tatneft's Internal Audit Department performance during 2007 and approved the 2008 Activity Plan for the Department operation.

The Company's progress on implementation of the two investment projects that are underway in the ALABUGA Special Economic Zone was reported and discussed at the meeting, namely, the fibreglass and its products manufacture project as well as the compounds production project for an automotive industry. In order to implement the first project the ООО Preiss-Daimler Tatneft - Alabuga Fibre Glass Company was set up with the equal stakes of OAO Tatneft and Preiss-Daimler Group. To implement the latter it was agreed to launch a Joint Venture with Basell Company. Both of the businesses are anticipated to start their production in 2009 and the full capacity expects to be reached in 2011.

The Working Commission reported about the preparatory activities which were being carried out to hold the Annual General Shareholders' Meeting dedicated to the 2007 business performance results. The Board considered the proposals submitted for the nominations to the Board of Directors and the Auditing Committee as well. It was decided that the following candidates would be included into the voting bulletins to elect the Members of the Board of Directors:

1. Shafagat Fakhrazovich TAKHAUTDINOV - OAO Tatneft General Director;

2. Valery Pavlovich VASILYEV - Minister of Land and Property Relations of the Republic of Tatarstan;

3. David William WAYGOOD - CEO of Waygood Limited Company;

4. Maria Leonidovna VOSKRESENSKAYA - CEO of Brentcross Holding Ltd.;

5. Radik Raufovich GAIZATULLIN - Minister of Finance of the Republic of Tatarstan;

6. Sushovan GHOSH - Managing Director of SGI Enterprises Ltd;

7. Nail Gabdulbarievich IBRAGHIMOV - First Deputy General Director on Upstream - Chief Engineer of OAO Tatneft;

8. Vladimir Pavlovich LAVUSHCHENKO - Deputy General Director of OAO "Tatneft";

9. Nail Ulfatovich MAGANOV - First Deputy General Director on Downstream - Head of Crude Oil and Oil Product Sales Department of OAO Tatneft;

10. Renat Khaliullovich MUSLIMOV - the RT President Consultant on Oil and Gas Field Development;

11. Rinat Kasimovich SABIROV - Head of Petrochemical Complex Department of the RT Cabinet of Ministers;

12. Valery Yuryevich SOROKIN - General Director of OAO "Svyazinvestneftekhim";

13. Mirgaziyan Zakiyevich TAZIYEV - Head of Oil Production Unit Almetyevneft;

14. Rais Salikhovich KHISAMOV - Deputy General Director.

In addition, the Auditing Committee Candidates were nominated at the meeting.   

The Board of Directors took into consideration a decision to designate Rustam Nurgaliyevich Minnikhanov the Prime Minister of the Republic of Tatarstan to represent the Government in the OAO Tatneft Board of Directors.  

The OAO Tatneft Board of Directors determined the date and the place to conduct the Annual General Shareholders' Meeting dedicated to the results of business performance of the Company during 2007. The Meeting will be held on June 26, 2008 in Almetyevsk in the Palace of Culture Neftche in Almetyevsk, at 10:00 Moscow time.

The participants registration procedure was approved. The preliminary registration will be held during the period of 16 to 25 June from 08.00 to 17.00 at the address:10, Gagarin Street, Almetyevsk (OAO Tatneft Property Department). The Registration on the date of the Meeting will begin at 08:30 in the premises of the Culture of Palace Neftche. The list of individuals entitled to attend the Meeting will be drawn up based on the Company Shareholders Register data as of 08.00 a.m. May 12, 2008.