OREANDA-NEWS. April 22, 2011. The board of directors started their work from reviewing the main directions of operational and financial economic activity of OJSC TANECO. CDU/VDU and naphtha stabilizer achieved the output of passport production: straight run gasoline, furnace fuel and export process fuel. In general, complex equipment testing using working medium is proceeding on facilities of the first and second stage of start-up complex. According to schedule contractors should ensure mechanical completion and readiness for start up of third stage facilities of the first start-up complex in this mode, and also release of as-build technical documentation.      

The board of directors was informed of readiness for operation of external infrastructure facilities of refining and petrochemical complex. In 2011 Russian Federation right of ownership for crude oil pipeline, oil product pipeline and offplot railways was registered. At the moment Federal Railway Transport Agency Russian Railways is submitting as-build documentation to operator Kuibyshebsky Railways (Samara city).

The directors discussed a set of issues concerning the preparation and holding the general shareholders meeting of OJSC TANECO.  Annual report and financial statement of 2010 prepared according to Russian legislation ware preliminarily approved.  The board of directors recommended the shareholders to refuse dividend payment for 2010. The common opinion is based on the fact that OJSC TANECO did not generated profit from main production, and for the interest of the company net profit of reporting period should be forwarded to further development. According to suggestion of Tatneft related to audit company confirmation for obligatory annual audit of OJSC TANECO, the board of directors suggested to use the service of ENERGY CONSULTING / Audit in 2011.

Final results of company activity of the last year shall be summarized at annual meeting, the shareholders will vote in the board of directors and audit commission.