OREANDA-NEWS. June 26, 2008. The newly approved OAO TATNEFT Board of Directors meeting chaired by R.N. Minnikhanov, Prime Minister of the Republic of Tatarstan, was held immediately after closing of the Company's general meeting of the shareholders in the city of Almetyevsk on June 26, 2008.

The Board of Directors considered execution of OAO TATNEFT's budget for the five months of 2008 and approved the budget for July and the 3rd quarter of the current year.

The Board of Directors considered and approved the composition of the OAO TATNEFT Board of Directors Committees: Audit Committee (chaired by S. Ghosh, Managing Director of SGI Group Ltd., a member of the Board of Directors of OAO TATNEFT); Corporate Governance Committee (chaired by V.I. Gorodny, Deputy General Director, Head of Property Department of OAO TATNEFT); Committee on Personnel and Remuneration (Chaired by D. W. Waygood, Director of Waygood Ltd., Member of the Board of Directors of OAO TATNEFT) and Committee on Information Disclosure (chaired by V. P. Lavushchenko, Deputy General Director of OAO TATNEFT on Economics, Member of the Board of Directors of OAO Tatneft).
The Board also reviewed certain other issues relating to OAO TATNEFT activities.