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Results of the Meeting of Transneft Board of Directors

Date of publication: 17 November 2017 Printable version

Transneft Board of Directors, at the in-person meeting, reviewed the issues of the Company`s activity including results of the Company`s purchasing activities for III quarter of 2017 and implementation of localization programme. Participants of the meeting stated that Transneft performs consistent work for improvement of openness and transparency of its purchasing activities.  In 2017, the share of purchasing procedures implemented by the Company and organizations of Transneft system on the competitive basis exceeded 86%.  Saving for the performed competitive bidding was 5.1% of the original lot prices. In carrying out of its purchasing activities, the Company pays much attention to the work with small and medium enterprises (SMEs). Amount of contracts concluded with SMEs was 56.4% of other purchases that is threefold in excess of the target values.

The Board of Directors noted that 22 of 26 product types have been commercialized by early November 2017 as part of production localization programme for the analogues of imported products on the territory of the Russian Federation for oil and petroleum product trunk pipeline transportation. Today, Transneft is the industry leader with regard to the level of production localization. Implementation of the activities promoting production localization ensured the work load of national machine-building enterprises, manufacture and delivery to Transneft`s facilities equipment for the total amount of around RUB 18.6 billion. The Company plans to reach the level of 97% with regard to purchasing of home equipment by 2020.

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