Financial management

The corporate policy priorities in the financial management are ensuring financing of production, investment and social activities of the Company and  effective use of financial resources.

All the obligations to pay for works and services, for products delivered, payment of taxes and payments to non-budgetary funds were performed by PJSC TATNEFT in full and in a timely manner. The activities of the Company in 2015 were carried out under conditions of considerable instability expressed by drastic fluctuations in oil prices and changes in the national currency exchange rate.

In 2015 PJSC TATNEFT used to place temporarily idle funds in the financial market with the income from deposits amounting to RUB 9.3 billion.

The virtual pulling scheme was implemented for PJSC TATNEFT and 11 subsidiaries with several banks and allows increasing the income of all the members from the balances on current accounts.

The balanced policy of the Company allows working in the mode of the previously attracted credits return; so for 2015 the balance of the foreign currency loans indebtedness decreased from US $ 204.6 million to US $ 49.3 million (as of December 31,2015) with the complete absence of ruble loans.

To make efficient use of funds the Financial Department carried out a large amount of work on optimizing settlements with counterparties. This work will be continued in future. In view of reducing distractions of the Company's turnover funds and accelerating settlements with permanent counterparties, reciprocal obligations are redeemed through the Mutual Claims Set-Off Center (MCSC). Bank clearings through MCSC exceeded the amount of RUB 16.5 billion.