OREANDA-NEWS.  May 29, 2014. 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 Almetyevsk.

The meeting reviewed the JSC TATNEFT's budget execution for four months in 2014 and approved the budget for June of the current year and discussed the results of the financial and economic activities of the Company in the first quarter of this year.

The amount of 6 million 453 thousand tons of crude oil was produced in the fields of TATNEFT in the first three months of this year. According to the results of the financial and economic activities the Company received 30.8 billion rubles of profit before tax. The net profit increased by 6.2 billion rubles compared with the same period of the last year and amounted to 24.4 billion rubles.

The meeting participants discussed the plans for crude oil production and geological and engineering operations of JSC TATNEFT in 2015-2016. The Company is developing 83 fields currently. As of 2013 the proved crude oil reserves by the evaluation of the "Miller and Lents" firm auditors amount to 847.3 million tons. The Board of Directors approved the plan of crude oil production for the next two years focused on stabilizing crude oil production in Tatarstan and the production growth at the account of producing extra-viscous oil, as well as  implementation of projects outside the Republic.

The Board of Directors was briefed on the results of the consolidated financial IFRS statements for the TATNEFT Group of Companies, the outcome of the   Company's financial and economic activities audit for 2013 performed by "Energy Consulting/Audit" Company and by the Company's Audit Committee, the summary report on the results of the last year operations, the annual report and annual financial statements.

The Board of Directors also discussed information about the Annual General Meeting of Shareholders of TATNEFT and several other issues of the Company's activities.