The regular meeting of the Board of Directors of TATNEFT PJSC chaired by the President of the Republic of Tatarstan Rustam Minnikhanov took place in Kazan.
The meeting was held at the Government House of the Republic of Tatarstan.
At the meeting, the results of the execution of the company's budget for four months of 2021 were considered and the budget for June was approved, as well as information on the status of receivables and payables for the first quarter of this year was presented.
The Board of Directors got acquainted with the results of production activities of TATNEFT Group and financial indicators of TATNEFT PJSC under RAS for the first quarter of 2021. Compared to the first quarter of 2020, PJSC TATNEFT's net revenue from sales increased by 27 percent to 222 billion rubles; net profit - up to 37 billion rubles.
The meeting participants heard information on the production of high-viscosity and extra-viscous oil (hereinafter referred to as SVO) under the new tax conditions. To further expand the project and increase the volume of profitable development of EHV fields, it is necessary to introduce tax incentives for its production.
The Board of Directors got acquainted with the results of the implementation of the current IT strategy, key projects and main directions of digital development of TATNEFT until 2025. From 2017 to 2020, the company has implemented over 120 projects, fulfilled over one and a half thousand requests to improve existing IT systems. Among the main areas of digitalization until 2025 are the introduction of an integrated field development management model, the “Digital Plant” system of the “TANECO” complex, a system of digital sales of petroleum products with shipment via railway transport; tools for robotic control of objects; video and predictive analytics based on modeling the capacity of the tire sales market, etc.
The Board of Directors also considered a number of other issues.
Also, within the framework of the meeting, an awarding ceremony was held for TATNEFT employees who are actively involved in the inventive activities of the Company. TATNEFT is the leader in Russia in terms of the number of registered patents for inventions and utility models.
Forward-looking statements: This press release contains certain forward-looking statements and expectations that are forward-looking in nature. Any statement in this press release that is not historical fact is a forward-looking statement and includes known and unknown risks, uncertainties and other factors that could change the actual results, accomplishments and achievements set out in such projections. PJSC TATNEFT assumes no obligation to update such forecasts to reflect actual results, changes in assumptions or changes in factors affecting these statements.