OREANDA-NEWS. May 04, 2009. A regular meeting of the Board of Directors of OAO TATNEFT chaired by R.N. Minnikhanov, Prime Minister of the Republic of Tatarstan was held in Kazan, reported the press-centre of TATNEFT.

The Board of Directors meeting reviewed the OAO TATNEFT budget execution for the period of January-March and approved the budget for May 2009.

The meeting summed up implementation results of the   investment program for 2008 with regard to its core activities and the petrochemical complex activity (except for the construction project of refineries and petrochemical plants of OAO Taneko in Nizhnekamsk) as well as the network of filling stations. The amount of 38 billion rubles was spent for these purposes, which exceeded the amount of investments for 2007 by more than 52%.

The annual crude oil production in the Russian Federation outside the Republic of Tatarstan amounted to 300 thousand tons, and the crude oil treatment installation "Kalinov Klyuch" was put into operation. The bulk of   works on seismic survey and drilling of wells was completed in Libya laying the grounds for continuation of works in 2009.

The investments in the development of the petrochemical complex of OAO TATNEFT amounted to 6 billion rubles. The growth of the investments amounted to about 3 billion rubles versus 2007 in connection with the production increase of all-steel tyres at OAO Nizhnekamskshina.

Under the program of developing the marketing infrastructure 26 facilities were put into operation   in 2008 including gas terminals at the existing filling stations. As of January 1, 2009 there were 603 gas stations   operating under the management of OAO TATNEFT in the territory of Russia and the Ukraine.

The pilot development operations at Ashalchinskoye natural bitumen field were continued. About 20 thousand tons of extra viscous oil has been produced since the beginning of application of the steam assisted drainage method. The average daily production rate for three producing wells in this field exceeded 35 tons of extra viscous oil in 2008.

The Board of Directors approved the agenda of the annual general meeting of the shareholders of OAO TATNEFT on the results of 2008, a list of informative data to be submitted to the shareholders   and other issues of preparation of the meeting. A message to the shareholders on holding the annual general meeting of the shareholders of the Company will be published in newspaper "Respublika Tatarstan" and "Watanym Tatarstan", as well as in  "Hazineh" and "Neftyanuye Vesti" corporate  newspapers.

The Board of Directors also considered the issue of dividends payment based on the results of OAO TATNEFT operation for 2008 and recommended to pay them out in the amount of 30 per cent of the net profits earned in 2008.

The Board of Directors also considered a number of other issues of OAO TATNEFT activity.