Regular Meeting of the Board of Directors Was Held at TATNEFT
Almetyevsk. 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 the city of Almetyevsk (Republic of Tatarstan) on December 22, 2017. The Board of Directors reviewed the results of the executing the budget for eleven months of this year and approved the budget for January and the first quarter of 2018.
The meeting discussed the report on the results of exploration work at the Company's license areas. It is expected that 2017 will witness the increase of the PJSC TATNEFT’s crude oil recoverable reserves in the amount tonnes of (30 million tonnes for the TATNEFT Group of Companies (taking into account the due increment of the formation recovery Factor).
The meeting considered the forecast of implementing the investment program for 2017. The total of RUB 95.3 billion were planned to be spent for the reporting period, of which the amount of RUB 50.2 billion was allocated for exploration and production of oil, including high-viscosity oil and the amount of RUB 36.1 billion was planned for the development of the TANECO Oil Refining and Petrochemical Plants Complex. The planned investments for 2018 amount to about RUB 100 billion.