Rosneft: Results of the Final Summary Meeting of the Board of Directors
On December 17, 2020, the final in-person meeting of the Rosneft Board of Directors was held. The Board of Directors reviewed the interim results of the Company’s activities for 2020 and approved the plan of financial and economic activities for 2021-2022.
In 2020, the Company ensured the implementation of key areas of its Strategy, taking into account the current restrictions on the level of oil production, the impact of the consequences of the spread of coronavirus infection and a significant change in the macroeconomic environment in the current year. Despite unfavorable macroeconomic conditions, the Company continued to implement large investment projects, optimized its asset portfolio and started practical implementation of the Vostok Oil project. Based on actual data for 9 months and the forecast for the IV quarter of 2020, Rosneft expects the execution of the business plan for 2020 in terms of key production and financial indicators.
The approved plan for the financial and economic activities of Rosneft for 2021-2022 provides for the implementation of a set of tasks for 100% replenishment of the resource base, ensures the fulfillment of the Company’s obligations on oil production while maintaining the potential for increasing production at mature assets, increasing operational efficiency, maintaining leadership in unit costs while unconditionally ensuring the financial stability of the Company, as well as industrial and environmental safety, labor protection and social responsibility.
The Company’s investment program in 2021-2022 is aimed at the implementation of highly efficient projects that ensure the long-term development of the Company with a significant multiplier effect for the entire Russian economy, including the development of the resource base, the creation of development facilities and facilities for the Vostok Oil project, as well as the completion of the modernization of oil refining facilities.
