OREANDA-NEWS. December 30, 2009. A regular meeting of the Board of Directors of OAO TATNEFT chaired by R.N. Minnikhanov, Prime Minister of the Republic of Tatarstan, was held on December 30.

The Board of Directors reviewed the budget performance of OAO TATNEFT for eleven months and approved the budget for January and the first quarter, as well as for the whole year 2010.

The Board of Directors listened to the presented information on the implementation of contracts for geological exploration works outside the Republic of Tatarstan. As a result of geological exploration 12 fields with recoverable C1+C2 crude oil reserves in the amount of 19 million tons and gas in the amount of 35 billion cubic meters had been discovered. The resource base of OAO TATNEFT outside Tatarstan amounts to more than 83.6 million tons of crude oil, over 15 million tons of condensate and 93.7 billion cubic meters of free gas in the Russian Federation. Recoverable C1 crude oil reserves make up more than 464 million tons overseas with contractual obligations in the foreign projects being executed in a timely manner as of 01.01.2010.

The Board of Directors discussed the construction progress of the refineries and petrochemical plants complex in Nizhnekamsk. Capital investments in the amount of 78.7 billion rubles had been utilized since the beginning of the complex construction, including more than 48 billion rubles spent in 2009. Commissioning of the starting complex first stage (Phase 1A1) is planned for 2010.

The Board of Directors reviewed the work on developing the Internet portal of the TATNEFT's Group of companies. The information mandatory for disclosure in accordance with the international requirements, such as: annual and quarterly reports, financial statements, essential facts of the Company's life, presentations for investors, social reports is published in full volume at the portal. In addition a number of service functions and sub-portals are also in operation. This product has been designed on the basis of the modern IBM information platform with application of the latest technical solutions.

The Board of Directors approved the working committee composition to prepare for the annual general shareholders meeting of OAO TATNEFT on the results of 2009. Sh.F. Takhautdinov, General Director of OAO TATNEFT, was appointed to act as the Committee's Chairman.

The Board of Directors also discussed several other issues of OAO TATNEFT activity.