Tatarstan Investment Development Agency

A regular meeting of the Board of Directors of JSC "Tatneftekhiminvest-holding"

29 November 2014, Saturday

Tatarstan Investment Development Agency Taliya Minullina attended a meeting of the Board of Directors of JSC "Tatneftekhiminvest-holding" (Russia) under the chairmanship of the President of Tatarstan Rustam Minnikhanov, which examined the issues of strategic development of the republic’s economy. During the meeting presentations were made by E&Y (Ernst&Young, a British auditing and consulting company) representative Alexander Oliveir, telling about current trends in the global oil and gas industry. Director of the E&Y Moscow Oil and Gas center Denis Borisov also talked about the Russian oil and gas and petrochemical industries in the global context. In particular, he was skeptical of attempts by the Russian government at the expense of the tax maneuver to achieve modernization of the refinery, without stimulating enhanced oil recovery in the mining sector. The result of the upcoming large tax maneuver will be unprofitable work of many refineries, said Mr. Borisov. According to him, they could not work with today's European oil prices. Mr. Minnikhanov also expressed the opinion that as a result of large tax maneuver will suffer oil refining, petrochemicals and road funds. Tatarstan President Rustam Minnikhanov at the meeting instructed to include Tatarstan Investment Development Agency Chief Executive Talia Minullina in the composition of the Board of Directors of "Tatneftekhiminvest-holding".

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