Tatneft: Holds Regular Board Meeting
A regular meeting of the TATNEFT Company’s Board of Directors chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in the city of Kazan on October 26, 2017.
They considered the budget execution results for nine months of 2017 at the meeting and approved the budget for November of the current year.
The information on the forecast of financial and economic activities of TATNEFT for 2018 was presented to the meeting, which had been developed taking into account major parameters of the basic forecast of social and economic development of Russia.
The Board of Directors discussed the information on the use of existing internal and external reserves to ensure the effective sales of oil and petroleum products in volatile conditions of world oil markets.
In addition, the meeting also discussed prospects for further development of the “PD Tatneft – Alabuga Steklovolokno” project. Currently, the company is one of the largest in the industry and provides for the output of 32% of products fabricated in Russia and 20% of products output in the CIS countries. Establishment of new production facilities allows the company diversifying its brand portfolio taking into account changes in the market situation in favor of the most marginal product types. The major repair plans for 2018 provide for modernizing the glass-melting furnace aimed at increasing its capacity to 31.8 thousand tonnes, which would allow increasing the volume of production and sale of readily marketable products. This will allow increasing growth of the composite industry of the Russian Federation and the output share of domestic products in compliance with the policy of import substitution. The plans provide that financing of the project will be implemented through attracting the state support from the Industry Development Fund of the Russian Federation.
The Board of Directors meeting also considered a number of other issues of the Company’s activities.
