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Transneft Board of Directors’ Meeting Results

Date of publication: 24 July 2019

Today, on 24 July 2019, Transneft held the first in-person meeting of the Board of Directors after its election at the General Meeting of Shareholders. The Minister of Energy of the Russian Federation Alexander Novak was unanimously elected Chairman of the Board. Members of Committees under the Board of Directors of Transneft (the Strategy, Investments and Innovations Committee; the Audit Committee; the Human Resources and Remuneration Committee) were also elected.

The Board of Directors also considered the agenda item “On mitigation of the accident related to ingress of oil not complying with the GOST standards into the Druzhba oil trunk pipeline in April 2019”. The Board of Directors approved the procedure for making payments in connection with the ingress of substandard oil into the system and agreed on the maximum amount of payments to shippers under contracts for the provision of oil transportation services at the rate of USD 15 per barrel of substandard oil. At the same time, it was noted that shippers must give documentary evidence of the incurred losses.

Transneft Press Service
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