DETAILS OF THE YEAR-END PHYSICAL MEETING OF THE BOARD OF DIRECTORS OF ROSNEFT OIL COMPANY
Rosneft Oil Company held its year-end physical meeting of the Board of Directors on December 17, 2020. The Board of Directors reviewed interim Company's performance results of 2020 and approved the business plan for 2021-2022.
In 2020 Rosneft was able to execute the key areas of its Strategy despite crude oil production cuts that were in place, the impact of the coronavirus infection and material changes of this year's macro economic environment. Notwithstanding adverse macro economic conditions Rosneft continued to execute major investment projects, optimized its portfolio of assets and started the practical execution of Vostok Oil project. Based on the actual performance for 9 months and the forecast for Q4 of 2020 Rosneft expects delivery of the key operational and financial indicators of its 2020 business plan.
The approved business plan of Rosneft for 2021-2022 assumes accomplishment of a number of tasks to secure 100% replacement of the resource base, ensures delivery of the Company's oil production commitments while maintaining the potential to ramp up production at brownfields, improvement of the operational performance while retaining the leadership in unit costs, ensuring financial stability of the Company and robust HSE and SCR performance.
The Company's investment program for 2021-2022 aims at execution of high-performing projects that ensure long-term development of the Company and a significant multiplier effect for all of Russian economy including enhancement of the resource base, construction of field development and infrastructure facilities for Vostok Oil project and completion of the upgrades of oil refining assets.