OREANDA-NEWS. The Board of Directors   discussed the results of executing the budget of the Company for the first quarter and approved the budget for the month of May of the current year.

The results of OAO TATNEFT's financial and business activity were summarized for the year 2006. The Company produced 25 million 405 thousand tons of crude oil (100,3%versus the level of 2005) and this is a maximum production level for the period of the last 13 years. 45% from the total crude oil production is attributed to the application of the up-to-date crude oil recovery methods. The revenues received from product sale amounted to 174 billion rubles. The balance sheet profit amounted to 50,5 billion rubles.

The Board of Directors reviewed the report of the Internal Auditing Board of OAO TATNEFT for the year 2006 and approved the plan of the Board operation for the year 2007.

The Board of Directors reviewed the process of preparation for the annual OAO TATNEFT Shareholders'' Meeting to be held in Almetyevsk on June 29, 2007. The Board of Directors approved the Agenda of the shareholders' meeting as well as certain other technical issues. The working committee for preparation of the meeting took as a basis and the working committee would present for consideration of the shareholders a number of changes and amendments into the Articles, into the Provisions on the Board of Directors and to the Company's Management Board. A decision was taken to recommend the general shareholders' meeting to approve payment of dividends for the year 2006 in the amount of 460% of the face value for the privilege shares and 460% of the face value for the ordinary shares with payment of the dividends to be made through cash facilities during the period starting July 1 till December 31, 2007.

Following the advice of the Auditing Committee the Board of Directors decided to recommend the general shareholders' meeting to approve ZAO Energy Consulting/Audit as the Auditor of OAO TATNEFT for the period of one year.

The Board of Directors Meeting also reviewed a number of other issues of the Company's financial and business activity.