TANECO Board Approves Refining Plans for Q4 2013

August 23, 2013

A meeting of JSC TANECO's Board of Directors chaired by Nail Maganov, First Deputy Director General - Head of URNiN (Crude Oil and Oil Products Sales Department) of JSC TATNEFT, was held in Nizhnekamsk on August 22.

The Board of Directors approved the reports on the financial and economic activities of TANECO in the IInd quarter, on the execution of production plans, income and expenditure budget for July. The planned targets for oil refining, output and selling of finished products were fulfilled during the reporting period. The refinery provided for processing of 1,589,220.9 tons of crude oil with a conversion factor of 73.29 percent.

The meeting approved technical and economic indicators, the plan for oil refining and shipping of petroleum products, as well as financial figures of JSC TANECO for the IVth quarter of 2013. The meeting agenda also included a preliminary review of the investment program for 2014 compiled in accordance with the standards adopted at TATNEFT Group of Companies.

JSC TANECO pays considerable attention to maintenance of ecological and economic balance between the production and environmental security. In accordance with the Environmental Policy the basic principle of the Nizhnekamsk Oil Refining and Petrochemical Plants Complex is sustainable development with the maximum rational use of natural resources and responsibility to the public. The Board of Directors reviewed the results of the Company's operation in that aspect and found them to be positive.

The participants were briefed on the implementation of the three stage control of the industrial health and safety in the Company. Stable operation of all the production facilities and ensuring of safe working conditions are the basis for accomplishment of the planned oil refining volumes and yielding of high quality petroleum products. In turn, the three stage control method allows to continuously improve the production culture and safety.

The Board of Directors also considered a number of other issues relating to the activities of the Company.

Source: Tatneft, 2013.