Regular Meeting of the Board of Directors of OAO Tatneft Held Print version

27.07.2010

The regular OAO TATNEFT Board of Directors meeting chaired by R.N. Minnikhanov, President of the Republic of Tatarstan - Chairman of the Board of Directors of OAO Tatneft, was held in Almetyevsk (Tatarstan) on July 27.

The Board of Directors considered the budget performance of OAO TATNEFT for the first half of the year and approved the budget for August 2010

The Board of Directors heard the information about the Company's restructuring and efficiency of service maintenance for the period of 2009-2010. As a result of organizational measures the share of staff in the structural divisions decreased from 76 to 33%, while in the petrochemical complex the decrease was from 87 to 71%. At the same time more than 9 thousand new job positions were opened at the construction site of TANECO Refinery and Petrochemical Plants Complex, and also at the Solid Steel Chord Tire manufacturing factory and at the factory for fiberglass production, as well as at the sites of Technopark "Idea-SouthEast" during the period analyzed.

The restructuring performed allowed strengthening of OAO TATNEFT's position of in the oil industry of the country, and achieving good financial and economic indicators.

The meeting discussed the information about application of chain drives for the purpose of reducing energy consumption in crude oil production, as well as engineering design issues in connection with the requirements of the Urban Construction Planning Code.

The Board of Directors also considered several other issues of OAO TATNEFT activity.

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