Tatneft' : Regular Meeting of the Board of Directors Was Held at TATNEFT

A regular meeting of the Board of Directors of PJSC TATNEFT chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in the city of Almetyevsk (Republic of Tatarstan) on December 22, 2017.

The Board of Directors reviewed the results of the executing the budget for eleven months of this year and approved the budget for January and the first quarter of 2018.

The meeting discussed the report on the results of exploration work at the Company's license areas. It is expected that 2017 will witness the increase of the PJSC TATNEFT's crude oil recoverable reserves in the amount tonnes of (30 million tonnes for the TATNEFT Group of Companies (taking into account the due increment of the formation recovery Factor).

The meeting considered the forecast of implementing the investment program for 2017. The total of RUB 95.3 billion were planned to be spent for the reporting period, of which the amount of RUB 50.2 billion was allocated for exploration and production of oil, including high-viscosity oil and the amount of RUB 36.1 billion was planned for the development of the TANECO Oil Refining and Petrochemical Plants Complex. The planned investments for 2018 amount to about RUB 100 billion.

The information on the development strategy of the Almetyevsk State Petroleum Institute (AGNI) was presented to the meeting. They identified main key areas: reducing the number of students taking correspondence course, expanding the range of the master's programs in partnership with oil and gas companies and foreign leading universities, opening of new training directions meeting the requirement of 'professions of the future'. Also, the AGNI strategy provides for a significant increase in quantitative and qualitative indicators of research activities.

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

Forward-looking statements: This press-release and the materials it refers to contain certain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of a historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. PJSC TATNEFT assumes no obligations to update the forward-looking statements contained herein to reflect the actual results, changes in assumptions or changes in factors affecting these statements.