OREANDA-NEWS. September 02, 2013. A regular meeting of the Board of Directors of JSC TATNEFT, chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in Kazan.

The Board of Directors meeting reviewed the budget execution of JSC TATNEFT for seven months in 2013 and approved the Company's budget for September of the current year, as well as discussed the results of the financial and economic activities of JSC TATNEFT in the first half of the year.

The amount of 12,932,000 tons of crude oil was produced from the Company's fields during the reporting period with the above-the-plan production amounting to 335 thousand tons. The production of associated petroleum gas amounted to 426 million cubic meters which is 2.8 percent higher than in the same period of the last year.

127 new production wells were commissioned with the production amounting to 85 thousand tons of crude oil. The production from the license areas outside the Republic of Tatarstan amounted to 158.4 thousand tons of crude oil with 15 wells having been drilled.

57.3 thousand tons of oil were produced at Ashalchinskoye extra-viscous oil field in the first half of the year. The Company has produced 237.4 thousand tons of extra-viscous oil since the beginning of the deposit development.

Gross proceeds from the products shipped during the period of the report amounted to 270 billion rubles. Net revenues (excluding VAT and export duties) increased by 4.2 percent amounting to 168 billion rubles compared to the same period of the last year.

Based on the results of financial and economic activities the Company received profit in the amount of 37 billion rubles with the net profit amounting to 29.1 billion rubles. The amount of charged taxes and payments to all the levels of the budget of the Republic of Tatarstan was 153.6 billion rubles for the reporting period. The sum of charges credited to the consolidated budget amounted to 11.5 billion rubles.

The total investments of TATNEFT Group of Companies amounted to 38.7 billion rubles with 16.7 billion rubles having been invested into the crude oil production.

The Board of Directors was informed about the progress of implementation and the strategy and further development of the "TANECO" project. The construction of the combined hydrocracking installation is in the commissioning stage now. It has been decided to accelerate the work at the delayed coking installation, as well as the one about the capacity change of the pilot hydro-conversion installation up to 50 thousand tons per year.

The Board of Directors also considered a number of other issues of JSC TATNEFTactivities.