Fanil Agliullin took part in the work of the regular meeting of the Board of Directors of TATNEFT PJSC
A regular meeting of the Board of Directors of TATNEFT PJSC was held today at the Government House of the Republic of Tatarstan. The meeting was chaired by the President of Tatarstan Rustam Minnikhanov.
The Board of Directors reviewed the results of budget execution for seven months of 2021 and approved the budget for September this year.
The meeting considered the state of accounts receivable and payable of TATNEFT Group for the first half of 2021.
The Board of Directors heard information on the results of the financial and economic activities of TATNEFT Group for the first half of 2021.
The Company's operations in the first half of this year continued to be influenced by the restriction of oil production under the OPEC + Agreement and changes in tax legislation related to the abolition of the mineral extraction tax and export duty differentiation for EHV and depleted fields.
Sales proceeds amounted to RUB 569 billion; EBITDA - 141 billion rubles. The company increased its tire production by 18 percent; by 22 percent - heat energy supply. The volume of production of petroleum products, their sales through the retail distribution network, the level of electricity generation and the production of composite products also increased. The TATNEFT Group enterprises allocated RUB 316 billion to the budgets of all levels, which is 1.8 times higher than the level of the previous year.
The volume of investments in the TATNEFT Group increased by 25 percent, amounting to RUB 45 billion in the first half of the year. PJSC TATNEFT received a net profit of 77 billion rubles.
The Board of Directors got acquainted with the issues of the effectiveness of the transaction for the acquisition and integration of the filling station network in St. Petersburg.
Taking into account the acquisition of the Neste network of 75 filling stations in October 2019, the share of TATNEFT Group filling stations in the market of St. Petersburg and the Leningrad Region increased to 11 percent. During the integration, the management team and qualified personnel were almost completely retained.
The purchase of the asset is part of Tatneft's strategy to expand the filling station network. Its integration into the Company's assets has created a double synergy in terms of the exchange of the best European practices in the management of filling station networks.
The recognition of the TATNEFT brand has increased in St. Petersburg and the Leningrad Region. The company is expanding its sales channel for TANECO products.
At the meeting, it was decided to continue the programs for integrating the Neste filling station network into the TATNEFT retail and distribution network with the replication of the best operating business solutions.
The Board of Directors decided to convene an extraordinary general meeting of shareholders and recommended to shareholders to approve interim dividends for 6 months of 2021 in the amount of RUB 16 52 kopecks for each ordinary and preferred share (1,652% of the par value). The extraordinary general meeting of shareholders will be held on September 30, 2021 and will be held in the form of absentee voting. The list of persons entitled to participate in the extraordinary general meeting of shareholders will be formed as of September 6, 2021. The Board of Directors recommended to the extraordinary general meeting of shareholders to approve October 12, 2021 as the date on which the persons entitled to receive dividends will be determined.
Also, the Board of Directors considered a number of other issues related to the current activities of TATNEFT.