Zarubezhneft held a meeting of the company’s Board of Directors that considered and approved of a range of the company’s key documents.
That was the first Board of Directors’ meeting attended by its new members, namely, the Chairman of the Board of Directors Eugeniy Murov, as well as Board of Directors’ members: Alexey Arkhipov, Alexandr Gladkov, Pavel Kadochnikov, Sergey Kudryashov, Alexey Makarov and Sergey Nekrasov.
The Board of Directors’ members approved of the updated Zarubezhneft’s Program for Innovation Development, Action Plan for OPEX reduction, the Program for divesting Zarubezhneft’s non-core assets with an appropriate register, took notice of the report on results of the company’s business plan realization for the first half of 2016.
The approved Program for Innovation Development of Zarubezhneft for the 2016-2020 period (up to the year 2030) complements the program being realized since 2012 in a quality manner, and is intended for achieving the company’s strategic goals by means of further improvement, development, testing and introduction of the cutting edge innovative solutions and groundbreaking technologies into industrial and administration-and-business activities of the Zarubezhneft Group.
In a falling oil price environment the urgent matter is a focus on improvement of efficiency and cost optimization. Therefore, the Board of Directors’ members approved of the “10% OPEX reduction in 2016” Action Plan. Such measures would enable the company to retain its stability and provide the key indicators’ performance.
The Program for divesting Zarubezhneft’s non-core assets includes 32 subjects. This year, for six month the company has divested nine non-core assets. There is a plan to divest five assets included in the register before the end of the year. At present, the company is preparing a plan for divesting non-core assets in 2017. (Energyland/Business World Magazine)
