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Regular meeting of the TATNEFTs board of directors was held

March 25/ 11:15

Kazan. A meeting of the Board of Directors of PJSC TATNEFT named after V.D. Shashin chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in Kazan.   The meeting considered the results of the budget execution of PJSC TATNEFT for two months of the current year and approved the budget for April, as well as for the second quarter of 2020.

The information on the results of the “Exploration and Production” business line activities in 2019 were presented to the Board of Directors taking into account the improvement of work processes to ensure the environmental friendliness and sustainability of the Company. As part of the production program, the Company continued implementing projects aimed at ensuring sustainable development and increasing the environmental friendliness of production, including the reduction of the carbon footprint. The consumption of fresh water in the PPD (reservoir pressure maintenance) system was amounted to 11% in recent years. The energy saving program allowed reducing the electric energy consumption by 2.2% and the thermal energy by 34%.

The meeting participants familiarized themselves with the progress in the environmental safety in view of the climate change. In October 2019, TATNEFT signed a cooperation agreement with the “National Network of the UN Global Compact” Association. Recognizing all 17 Sustainable Development Goals, the Company identified in the new Policy on the areas of industrial safety, labor protection and the environment the activities on reducing greenhouse gas emissions and reducing the carbon footprint among the main priorities of the Company.

As part of the meeting, the Board of Directors discussed the implementation of the Company's exploration strategy. The increment of crude oil reserves of the TATNEFT Group of companies outperforms the goals defined in the Strategy of development until 2030, and the established Bitumen and Domanik testing areas allow performing fundamental research and pilot development works aimed at the creation and implementation of search and exploration techniques and technologies intended for the  deposits development of high-viscosity oil and Domanik deposits.

The Board of Directors also decided to appoint PWC (JSC PricewaterhouseCoopers Audit) in 2021 as the financial statements’ auditor of PJSC TATNEFT named after V.D. Shashin for 2020 in accordance with IFRS and Russian Accounting Standards, followed by a corresponding recommendation to the Annual General Meeting of the Shareholders of PJSC TATNEFT named after V.D. Shashin.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

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