OREANDA-NEWS. June 30, 2014. The annual general meeting of JSC TATNEFT shareholders which approved the Board of Directors' report, the Company's annual report for 2013, as well as financial statements for the fiscal year results, etc., was held in Almetyevsk (Republic of Tatarstan).

A report on the results of JSC TATNEFT operations in 2013 was presented to the audience by Nail Ulfatovich Maganov, General Director of JSC TATNEFT. He outlined the results of 2013 and plans for the current year in his report. In 2013, the Joint Stock Company continued to successfully meet the strategic objectives for further stabilization of crude oil and gas production, resource base expansion, development of crude oil refining and petrochemicals production. The planned production volumes were fulfilled and positive indicators of the financial and economic activities were provided.

According to the assessment of "Miller and Lents", independent international consulting firm, the proved developed, undeveloped and undrilled reserves of JSC TATNEFT exceeded 847 million tons of oil as of the beginning of 2014.

According to the results of the financial and economic activities in 2013 the Joint Stock Company earned net profit in the amount of 63 billion 850 million rubles. The total sum of charged taxes and payments in the reporting year amounted to 323 billion rubles. The Company ensured their timely payments to all the levels of budgets and non-budgetary funds.
The first stage of the combined hydrocracking installation was put into comprehensive testing operation at the "TANECO" Refining and Petrochemical Plants Complex in 2013.

In March 2014 JSC "TANECO" completed comprehensive testing at the installations of hydrocracking and hydrogen production and obtained the Rostechnadzor conclusion of conformity with the technical regulations and design documentation. Due to the fact that the "TANECO" Complex started production of ecologically  clean  Euro-5 standard diesel fuel there will be full  provision of own oil products for the retail and sales network of TATNEFT in the coming years, which will allow significant strengthening the Company's competitive position.
The Company pays special attention to ensuring social well-being, decent standards of living for the employees, as well as creation of the conditions for their professional development. All the commitments stated by the Collective Agreement in 2013 were  met.

Necessary provisions will be made by the Company in the current year for further stabilizing and increasing the volumes of crude oil production from existing fields to maintain the stable and sustainable development of TATNEFT. The plans also provide for increasing production of extra-viscous oil at Ashalchinskoye EVO field and crude oil produced outside the Republic of Tatarstan. The Company will perform a set of activities on seismic studies and drilling of exploration wells with the purpose of increasing hydrocarbon reserves.

The crude oil refining at the "TANECO" Complex in the current year should reach 8.5 million tons. The plans also provide for starting operation of the plant for production of Group 3 oils.
The shareholders' meeting approved the annual report for 2013, annual financial statements and profit distribution for the financial year.

The shareholders approved the payment of dividends. The dividends amount of 823 percent of the nominal shares value will be paid on preferred and common shares of JSC TATNEFT. The date for determining the persons entitled to receive dividends is fixed for` July 16, 2014. The dividend payment period is defined under the applicable laws. 30 percent of the Company's net profit in the amount of more than 19 billion rubles will be allocated for the dividends payment by the results of 2013.

Based on the results of the meeting of the shareholders the following persons were elected to the Board of Directors of JSC TATNEFT: Rustam Nurgalievich Minnikhanov, President of the Republic of Tatarstan; Nail Ulfatovich  Maganov, General Director of JSC TATNEFT; Rene Steiner, Mariya Leonidovna Voskresenskaya, Sushovan Ghosh - Independent Directors; Radik Raufovich Gaizatullin,  Minister of Finance of the Republic of Tatarstan; Nail Gabdulbarievich Ibragimov, First Deputy General Director for Operations - Chief Engineer of JSC TATNEFT; Vladimir Pavlovich Lavushchenko, Deputy General Director of JSC TATNEFT on  Economics; Renat Khaliullovich Muslimov,  Consultant to President of the Republic of Tatarstan on the development of oil and gas fields; Rinat Kasimovich Sabirov, Assistant to  President of the Republic of Tatarstan; Valery Yurievich Sorokin,  General Director of JSC "Svyazinvestneftekhim"; Mirgaziyan Zakievich Taziev, Head of NGDU "Almetyevneft"; Shafagat Fakhrazovich  Takhautdinov - Advisor to Chairman of the Board of Directors of JSC TATNEFT; Azat Kiyamovich Khamaev, Minister of Land and Property Relations of the Republic of Tatarstan; Rais Salikhovich Khisamov,  Deputy General Director - Chief Geologist of JSC TATNEFT.

The meeting approved the Revision Commission composed of:
Kseniya Gennadyevna Borzunova - Head of the Economics, Privatization and Strategic Planning Office of Minzemimuschestvo (Ministry of Land Property) of the Republic of Tatarstan; Ranilya Ramilevna Gizatova, Chief of Investments Office of NGDU "Elkhovneft"; Venera Gibadullovna Kuzmina, Economist of NIS of JSC TATNEFT; Nikolay Kuzmich Lapin, Shareholder,  Veteran of Labor; Oleg Mikhailovich Matveev, Chief Accountant of JSC TATNEFT's Crude Oil and Petroleum Products Sales Department; Liliya Rafaelovna Rahimzyanova, Head of Oil Production and Oil Refining  Office of the Ministry of Trade and Industry of the Republic of Tatarstan; Nazilya Rafisovna Farkhutdinova, Deputy Director for Finance  and Economics of "Tatneft -RemServis";  Tatyana Viktorovna Tsyganova - Deputy Chief Accountant  of JSC TATNEFT's Accounting and Reporting Department. Saria Kashibulhakovna Yusupova, Office Deputy Head   of the Ministry of Finance of the Republic of Tatarstan, was appointed to the Revision Commission as Representative of the State.

ZAO Energy Consulting/Audit Company was approved as Auditor of JSC TATNEFT Company for a year's period to perform a mandatory audit of the JSC TATNEFT's annual financial statements prepared in accordance with the Russian Accounting Rules.
Also changes and amendments to the Articles of JSC TATNEFT were approved at the meeting.