Tatneft Board of Directors have discussed the results of the company's operations in 2011

On April 26, 2012 Tatneft has held the ordinary session of its Board of Directors. They summed up the results of execution of the Company’s budget in Q1 2012, and decided the budget for May. The Board discussed the results of financial and economic activity of Tatneft in 2011.

Last year Tatneft increased oil production by 65,000 tons to 25.929 million tons. Oil production at the license deposits of the subsidiaries in the RF outside of Tatarstan was 266,000 tons. Super-viscous oil output was 42,000 tons at the Ashalchinsky deposit, and total output since the start of production till January 1, 2012 was 107,000 tons. Inter-repair period was 1,142 days, remaining the best result among large oil companies of the state. Tatneft continued realization of resource efficiency program, and specific power consumption to oil production decreased by 0.7%.

Net proceeds without VAT and export duty increased by 23,5% to 318.6 billion roubles. Net profit was 54.9 billion roubles. Total sum of taxes and payments to all budgets was 321 billion roubles. Investment to all types of operation in Tatneft Group was 65.8 billion roubles, including 26.7 billion roubles to oil production, and 36.2 billion roubles to construction of the oil refining and oil chemical complex.

The Board also got acquainted with the information about the annual shareholders meeting, the composition of Tatneft Management, and other issues, including dividends payments for 2011. They admitted the agenda for the annual shareholders meeting .

Source: http://rosinvest.com/novosti/924554

Translated by Nadezhda Poltoratskaya