A regular meeting of the Board of Directors of OAO TATNEFT, chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in Kazan on March 24, 2012. The Board of Directors considered the results of OAO TATNEFT's budget execution for two months of 2012 and approved the budget for April and the second quarter of this year.
The information on the progress made in the development of extra-viscous oil deposits was presented to the Board of Directors. There are seven pairs of wells operated at Ashalchinskoye extra-viscous oil field and the volume of oil produced since the beginning of the development amounted to 116.1 thousand tons.
The Board of Directors discussed the information about the Company's activities at the securities market and the dynamics of the Company's capitalization as well as about the steps aimed at enhancing the Company's capitalization.
A decision was taken on establishing a consolidated tax-payer group with participation of OAO TATNEFT as a liable partner and some TATNEFT's subsidiaries.
The Board of Directors also considered a number of other issues of OAO TATNEFT activities.