OREANDA-NEWS. February 09, 2009. A regular meeting of OAO Tatneft Board of Directors chaired by R.N. Minnikhanov, Prime Minister of the Republic of Tatarstan was held in Kazan, reported the press-centre of TATNEFT.

The Board reviewed the results of OAO Tatneft budget execution for 2008 and approved the budget for the month of February and for the first quarter of 2009.

The Board listened to and discussed the information about oil production, increment of oil reserves and geological exploration activities outside the Republic of Tatarstan in the Russian Federation and abroad.

In 2008 the holding company Tatneft produced more than 26 million tons of crude oil with the amount of more than 294 thousand tons produced outside the Republic of Tatarstan (192,1 thousand tons in 2007). 397.6 million tons of crude oil have been produced by OAO Tatneft from the licensed areas since 1993 while the increment of the crude oil reserves in categories A+B+C1+C2 has amounted to 487.1 million tons.

Geological exploration works are performed abroad at 5 contract areas in Libya and in Syria. 3 exploratory wells in Syria have indicated availability of considerable crude oil reserves and the construction of the fourth well is on the way. Having positively appraised the progress made, the Board of Directors authorized the Executive Board of the Company to continue geological exploration operations outside the Republic of Tatarstan, taking into account the economic feasibility of the projects and making steps for beginning the commercial development of the oil fields discovered in Syria.

The Board reviewed the results of OAO Tatneft Internal Audit for 2008 and approved the work plan for 2009.

The Board approved the composition of the Working Commission and made a decision on the preparation of the annual general meeting of the shareholders on the results of 2008. Sh.F. Takhautdinov, General Director of OAO Tatneft, has been authorized to head the work of the Commission.

The annual general meeting of the shareholders will be held at Neftche Palace of Culture in Almetyevsk at 10:00 a.m. Moscow time on June 26, 2009. The Board of Directors approved a registration procedure of the participants. Pre-registration will start from 16 to 25 June from 08:00 a.m. to 5:00 p.m. at the following address: 10, Gagarina Street, Almetyevsk (Property Administration of OAO Tatneft). Registration on the day of the meeting will be made from 08:30 a.m. at the Neftche Palace of Culture The list of persons eligible to participate in the meeting will be compiled on the basis of the data register of the shareholders of the Company as of 08:00 on May 12, 2009.

The Board of Directors meeting also considered a number of other issues of OAO Tatneft activity.