Regular Meeting of JSC TATNEFT’s Board of Directors Was Held

The Board of Directors reviewed the budget performance of JSC TATNEFT for eleven months of 2014 and approved the budget for January and the first quarter of 2015.

The Board of Directors discussed the report presented on the further development of the Company’s logistics system. The meeting highlighted the key objectives for 2015. They include expansion of the suppliers’ range through integration with intercompany trading platforms, the maximum import substitution and cooperation expansion with Russian manufacturers, etc.

The Board of Directors considered implementation of the projects for the development of small and medium-sized businesses as exemplified by "PD Tatneft-Alabuga Fiberglass". This enterprise is currently producing 24 thousand tons of products per year, which is 14 % above the design capacity. Over the past two years, the enterprise has put into operation new lines for production of wet chopped fiberglass strands, roving fabrics and glass powder. In 2015, the company plans to start the production of innovative products such as foam glass, twisted fiberglass filaments and dry chopped strands. The meeting considered prospects for further increasing the production volume, which will allow increasing the added value, creating additional jobs and providing for import substitution in the domestic market of fiberglass.

The Board of Directors also considered a number of other issues of the JSC TATNEFT activities.