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Date: 30 September 2021
Tatarstan’s Top Oil Asset To Pay Dividends
Tatneft is paying out a dividend of 16.52 roubles per share for the results in the six first months of 2021, according to the company’s shareholders. On September 30, an extraordinary meeting of the company’s shareholders took place in Kazan, alongside a meeting of the board of directors chaired by the president of Tatarstan.
Tatneft is paying out a dividend of 16.52 roubles per share for the results in the six first months of 2021, according to the company’s shareholders. As reported in August, this amount was recommended by the board of directors of Tatneft. On September 30, a regular meeting of the board of directors of Tatneft was held in Kazan, chaired by Rustam Minnikhanov, the president of Tatarstan. The results of the company’s budget in the eight months of 2021 were considered at the meeting and the budget for October and the fourth quarter of the current year was approved. The meeting participants got acquainted with the progress of executing the projects of the oil and gas and petrochemical complex at Tatneft. Currently, the development strategy for this business area is at the stage of updating, and it integrates a new project of the company for the production of butadiene rubbers in Kazakhstan and the recently acquired EcoPet asset. Tatneft pays great attention to “green” projects while updating its business strategy. The board of directors considered issues of developing the production of composite materials and agreed on the further development strategy for this business line, which provides for an increase in production and sales of products, performance improvement, and the introduction of new products onto the market. One of the main drivers for the development of this business area today is the trends associated with the need of reducing the carbon footprint. The use of fiberglass pipes and pultruded profiles made of composite materials allows for reducing the company’s greenhouse gas emissions. The information was presented at the meeting on the transparency level of the corporate management system at Tatneft and the consideration of ESG factors for the sustainable development of the company. Tatneft is one of Russia’s biggest public companies, active mainly in Tatarstan. The company is in charge of one of Russia’s biggest refineries, Taneco. The government of Tatarstan, which has a “golden share,” controls Tatneft through and has a 29 percent share in the firm through Svyazinvestneftekhim. Another important shareholder is Citibank that has a 26 percent share. Tatneft has some 140,000 shareholders in total. In 2020, the firm ranked seventh in the top Russian private business companies in the Forbes list whose authors considered any entity private when its majority was privately held.
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