OREANDA-NEWS. On June 26, 2009 The annual General Meeting of OAO TATNEFT Shareholders was held in Almetyevsk (Republic of Tatarstan), which approved the Annual Report of the Company for the year 2008 as well as the accounting statements on the results of the fiscal year, reported the press-centre of TATNEFT.

OAO TATNEFT produced 25 million 766 thousand tons of crude oil in 2008 with 45% of this amount produced as a result of enhanced oil recovery methods application. According to the assessment of the independent International Consulting Miller and Lents Company proved reserves of TATNEFT amounted to 878.2 million tons of oil as of the beginning of 2009. The Company earned over 34 billion rubles of net profit by the results of the year of report. OAO TATNEFT joined the Тор 250 Platts rating of the most efficient energy companies of the world in 2008.

The shareholders approved payment of dividends on the results of the Company's activity for the year 2008 in the amount of 442 % of the face value per each ordinary share and 442 % of the face value per each preferred share. The time period of paying out the dividends was set up starting July 1 till December 31, 2008.

The Meeting elected the Board of Directors of OAO TATNEFT in the following composition:

Rustam N. Minnikhanov, Prime Minister of the Republic of Tatarstan (State representative based on the "golden share" right);

Shafagat.F. Takhautdinov, General Director of OAO TATNEFT;

David W. Waygood, Director of Waygood Limited;

Mariya L. Voskresenskaya, Director of Brentcross Ltd;

Radik R. Gayzatullin, Finance Minister the Republic of Tatarstan;

Gosh Soushovan, Managing Director of SGI Group Ltd.;

Nail G. Ibragimov, First Deputy General Director for Production - Chief Engineer of OAO TATNEFT;

Vladimir P. Lavushchenko, Deputy General Director of OAO TATNEFT on Economics;

Nail U. Maganov, First Deputy General Director of OAO TATNEFT - Head of the Oil and Oil Products Sales Administration;

Renat Kh. Muslimov, Consultant to the President of the Republic of Tatarstan on Oil and Oil/Gas Fields Development Issues;

Rinat K. Sabirov, Assistant to the Prime Minister of the Republic of Tatarstan on the Petrochemical Complex Issues;

Valery Yu. Sorokin, General Director of OAO Svyazinvestneftekhim;

Mirgazyan Z. Taziev, Head of NGDU Almetyevneft;

Azat K Khamaev, Minister of Land and Property Relations of the Republic of Tatarstan

Rais S. Khisamov, Deputy General Director-Chief Geologist of OAO TATNEFT.

The Shareholders Meeting also elected the Auditing Commission in the following composition:

Sariya K. Yusupova, Deputy Department Head of Economic Analysis of the Ministry of Finance of the Republic of Tatarstan (State representative based on the "golden share" right);

Tamara.M. Vilkova, Deputy Head of the Accounting and Reporting Department - Deputy Chief Accountant of OAO Tatneft;

Nailya F. Galiyeva, Economist Oversight of OAO TATNEFT;

Ferdinand R. Galiullin, Chief Accountant of NGDU Jalilneft;

Venera G. Kuzmina, OAO TATNEFT NIS Economist;

Nikolay K. Lapin, Chief Controller of OAO TATNEFT;

Galina V. Malyazina, Head of the Department for Economics of the Republic of Tatarstan

Liliya R. Rahimzyanova Head of the Oil Production Administration of the Ministry of Economy of the Republic of Tatarstan;

Alfiya A. Sinegaeva, Department Head of the Labor and Personnel Management, OOO "Tatneft- AslmetyevskRemService"

ZAO Energy Consulting/Audit Company was approved as the Auditor of the Company for one year period to conduct the mandatory annual audit of OAO TATNEFT's financial statements for 2009 prepared in accordance with Russian accounting rules.

The Annual General Meeting of the Shareholders also approved proposed changes into the Articles of the Company.

After closing the Annual Shareholders Meeting, the first meeting of the newly elected Board of Directors of OAO TATNEFT was held, which re-elected R.N. Minnikhanov, Prime Minister of the Republic of Tatarstan, as a Chairman of the Board.