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Regular meeting of the TATNEFTs board of directors was held

January 29/ 08:10

Kazan. A meeting of the Board of Directors of PJSC TATNEFT chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in Kazan on January 28, 2019.

The Board of Directors discussed the information on the development strategy of TATNEFT in the area of energy. The Company's power system would be centralized during the next decade, and wiould predominantly use traditional sources. At the same time, a number of alternative solutions would be implemented, such as associated petroleum gas driven power generating plants, hydroelectric mini power station, and pellet boilers at filling stations. The Company launched promising projects aimed at the rational use of energy resources and environmental protection: the heat and electric power generation from wood chips and the electricity generation of from landfill gas. The priority areas also include biofuels production with the effect of the project implementftion expected to manifest itself through increasing the profitability of the “Oil Refining” business area and ensuring the competitiveness of the Company's motor fuels in the European and world markets

The information on the results of the work of the Internal Audit Department for 2018 was presented to the Board of Directors. Based on the audits results’ the Board of Directors mentioned the need to reduce the share of monopoly purchases for the needs of tyre manufacturing factories and transition to the conclusion of direct contracts with manufacturers. A project was implemented to centralize the procurement of works and services of JSC TANECO, OOO TATNEFT-AZS Center and OOO TATNEFT-AZS Zapad. The Department coordinated the operation of the Hotline. More than 700 messages were received through the hotline during the reporting period with 27% of the mentioned number accounting for the reports regarding deficiencies and violations, which remedy caused taking relevant measures.

The Board of Directors meeting also discussed a number of other issues of the Company's activities. 

Forward-Looking Statements and Liability Exemption: This press release and materials thereby referred to contain statements about future events and expectations that are forward-looking in nature. Any statement in this press release that is not a statement of a historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors, which can change the real results, accomplishments and achievements set out in such statements. PJSC TATNEFT shall assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.

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