OREANDA-NEWS. A regular meeting of the Board of Directors of PJSC TATNEFT, chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in Kazan on August 24, 2017.

The Board of Directors Meeting considered the results of executing the budget of PJSC TATNEFT for seven months of 2017 and approved the budget for the month of September of the current yea.

The Board of Directors discussed the results of the Company's financial and economic activities for the first half of 2017. During the reporting period, PJSC TATNEFT produced 14.202 million tonnes of crude oil, which was 3.4% higher than in the same period the previous year. The volume of collected associated petroleum gas amounted to 470 million cubic meters, which was 1.9% higher than the level of the same period in 2016. There were 470 new production and 113 injection wells put into operation. The production volume of high-viscosity oil amounted to 724 thousand tonnes, which was 2.5 times higher than the volume during the same period of the last year. As of July 1 of the current year, the total volume of high-viscosity oil produced since the beginning of development of the HVO deposits amounted to 2,508 thousand tonnes. According to PJSC TATNEFT's RAS financial statements, gross proceeds resulting from sales of products shipped for the reporting period amounted to RUB 332.2 billion, while net proceeds (excluding VAT and the export duty) amounted to RUB 274.1 billion. Based on the results of the financial and economic activity the Company received net profit in the amount of RUB 57.4 billion. The total volume of investments in the TATNEFT Group for the first half of the year amounted to RUB 41.7 billion. The EBITDA target level for the Group, established in accordance with Strategy 2025, was met in the first half of the year with 7% growth relative to the plan and the actual value amounted to RUB 95 billion.

The information on monitoring the implementation of the key objectives of the TATNEFT Group’s Development Strategy of until 2025 was presented to the meeting. It was indicated that the market situation, primarily the higher oil price compared to the forecast, had a positive effect on the interim results.