A Regular Meeting of the TATNEFT’s Board of Directors Was Held
28 апреляThe information on the results of the PJSC TATNEFT s budget execution for the first quarter of 2021 was presented to the Board of Directors. The meeting approved the budget for May 2021. The Board of Directors also heard information on the status of receivables and payables for 2020.
The meeting participants got acquainted with the results of the financial and economic activities of the TATNEFT Group for 2020. Over the past year, the Company s activities were significantly affected by crude oil production restrictions under the OPEC Agreement, a decrease in world prices for oil and oil products caused by the demand damping as a result of quarantine measures for coronavirus. At the same time, TATNEFT Group increased its output of oil products by more than 12 ; the volume of the petroleum products sales through the retail sales network increased by 22 ; tyre production increased by 5 ; heat supply increased by more than 15 . Construction of facilities at the TANECO complex continued to remain the key investment project of the Group. The management of TATNEFT took a set of measures aimed at unlocking the potential and using promising management tools.
The information was also presented during the Board of Directors meeting with the analysis of the financial and economic indicators of the TATNEFT Group to maintain financial stability during 2020, based on the consolidated financial statements in accordance with IFRS for 2020, which were audited by PricewaterhouseCoopers Audit. The consolidated financial statements in accordance with IFRS were published by the Company on March 31.
The Board of Directors considered the issue of dividends payment based on the operation results of 2020 and, in accordance with the dividend policy of PJSC TATNEFT, recommended the Annual General Meeting of the Shareholders to approve the payment of dividends, taking into account the previously paid interim amounts for the six months of 2020: 2224 to the nominal share value on preference shares; 2224 to the par value of a share for ordinary shares; or RUB 22.24 for each preference and each ordinary share taking into account the paid interim dividend for 6 months of 2020 in the amount of RUB 9.94 per share . The recommended amount of dividends is in line with the minimum target level stipulated by the Company s dividend policy. was recommended that the annual general meeting of shareholders will set July 9, 2021 as the date for determining the persons entitled to receive dividends for 2020.
In furtherance of measures to ensure the non-proliferation of coronavirus infection and in accordance with federal legislation, it was proposed to hold the Annual General Meeting of the Shareholders of PJSC TATNEFT on June 25, 2021 in the form of absentee voting. The information on the holding of the Annual General Meeting of shareholders has been published as an essential fact.
The Board of Directors also considered a number of other issues.
Forward-looking Statements and Disclaimers: This press release contains certain statements regarding future events and expectations, which are forward-looking statements in nature. Any statement in this press release that is not a historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ materially. PJSC TATNEFT shall assume no obligation to update such forecasts to reflect actual results, changes in assumptions or changes in factors affecting these statements.
The amounts and the interest money indicated or referenced in this press release may be given taking into account the rounding and, accordingly, they may differ from the actual figures and results contained in the company s reporting documents. PJSC TATNEFT shall assume no obligation to adjust or reimburse any amounts that may make the difference between those specified in this press release and the relevant reporting documents, and all payments shall made by PJSC TATNEFT exclusively in accordance with the decisions of the competent Company s management bodies in the amount and manner specified in such decisions.
Fitch Ratings has affirmed the international credit rating of Tatneft based on its scale at BBB- with the stable outlook.
TatNIPIneft Research and Design Institute, which is a structural division of TATNEFT, has turned 65 years old.