OREANDA-NEWS. October 31, 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 budget performance of JSC TATNEFT for nine months in 2014 and approved the budget for November of the current year.

The Board of Directors considered the forecast for financial and business activities, plans for crude oil production and the Company's geological and technical activities for 2015.
The Board discussed the information on implementation of the program to improve labor productivity in crude oil production. It was pointed out that the labor productivity had increased during recent years. The main factors of increasing the labor productivity were optimization of workplaces, implementation of a number of organizational and technical projects, implementation of new equipment and technologies, as well as lean production instruments.

The meeting was informed about progress of the TANECO project implementation and further development strategy. Thus, the plans provide for increasing the refining depth of the Refinery and Petrochemical Plants Complex up to 90 % and the yield of light oil products to 77% by 2016 with putting into commercial operation the delayed coking, naphtha hydrotreating, isomerization and catalytic reforming installations.

Production of gasoline, light coking gasoil and other petroleum products, which are in great demand in the market, will allow significantly increase the profitability of the TANECO Complex. The plans of phased implementation of the development program provide for increasing the volume of crude oil processing up to 14 million tons per year with the depth of processing up to 92 % and the yield of light oil products up to 87% by 2020.

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