Press release: Regular Meeting of the TATNEFT’’s Board of Directors of Was Held

A regular meeting of the PJSC TATNEFT’s Board of Directors chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in Almetyevsk (Republic of Tatarstan) on December 26, 2018.

The meeting discussed a report on the investment risk management system with the work underway within its framework to automate the process of investment planning, formation of the investment projects risks register, the process of risks ranking and monitoring. Methods are being developed to assess the consolidated risk, taking into account the economic situation in the industry.

The Board of Directors meeting considered the implementation progress of the project aimed at improving the efficiency of well repair through centralizing the remedial well servicing shops operation. The main organizational measures include such an issue, as increasing the volume of the wells’ workover operations without subcontracting, changes in approaches to the organization contract concluding arrangements and tender procedures, consolidation and specialization of individual structural units. New technologies have been developed to optimize the duration and improve the quality of the work carried out with the approaches revised both in terms of planning and the repair process. 

The information on the unified management system for social project and programs of TATNEFT Group was presented to the Board of Directors. Corporate programs are aimed at ensuring decent working conditions and living standards for the Company’s personnel (social benefits and guarantees for employees and non-working pensioners are stipulated in the Collective Agreement), external social programs are aimed at creating a favorable environment around the Company’s activities to ensure sustainable business development (improvement of cities and towns, support of health, medicine, culture, sports, etc.). Further development of the TATNEFT's social policy is related to the planning of social programs with regard to the Company's strategic goals, standardization of the decision-making process, performance monitoring, control of the targeted use of funds, and increasing the efficiency of the facilities.

At the end of the meeting R.N. Minnikhanov thanked the Executive Directorate, the Board of Directors, the staff of the Company for their joint efficient work, and wished the successful implementation of all the planned projects in the upcoming 2019.

Forward-looking statements: This press release and materials thereby referred to contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. 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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