OREANDA-NEWS. A regular meeting of the Board of Directors of PJSC TATNEFT chaired by R.N.Minnikhanov, President of the Republic of Tatarstan, was held in Kazan (Republic of Tatarstan) on September 29, 2015.

The meeting reviewed the TATNEFT’s budget execution for eight months of 2015 and approved the budget for October and the fourth quarter of the current year.

The Board of Directors was briefed on the state of the PJSC TATNEFT’s oil production maintenance resource base. According to the “Miller and Lents” audit company estimates the proved reserves of the oil fields, which are at the possession of the Group of the Companies, are amounted to 851.5 million metric tonnes as of the beginning of 2015, while probable reserves are amounted to 323.7 million metric tonnes and possible reserves are amounted to 28.9 million metric tonnes. In the last 5 years increase of oil reserves exceeded the annual output 1.2 times. It was observed that the Group of the Companies has enough resource base to stabilize and increase oil production in Tatarstan and outside of it in the Russian Federation.

The Board of Directors discussed the information about the results of implementing the measures, which are directed to the TATNEFT subdivisions’ financial stability improving. In the current economic circumstances there is continuous monitoring of how macroeconomic features impact the financial and operational activities of the Company. Deficit compensation is achieved by means of the different measures including import substitution. These cover all fields of activities such as oil production, oil and gas processing, petrochemical complex and filling stations chain. The implementation of abovementioned measures helps to cover financial demands, fulfill the oil production schedule, keep social obligations, and achieve target level of profit and tax payments to the Republic budget.

The Board of Directors also considered a number of other issues of the Company’s activities.