Pertaining to the results of a concluded consultation, both the Board of Directors and key stakeholders have mutually agreed that the 2021 Annual General Meeting should be hosted via an online teleconference with absentee voting, as per the previous assembly in 2020. The event shall be hosted on the previously scheduled date of 7 May, with no changes to any items on the agendum, including motions to alter the Director’s remuneration policy and the appointment of an external auditor for the financial year. It is also still intended that Rusneftegaz publishes its 2020 Consolidated Financial Statements prior to the Annual General Meeting, which are then to be analyzed by the Board of Directors during the conference with an approval vote being held accordingly. It is preferred that all ballots for the Annual General Meeting shall be sent electronically, and all interested parties are to be contacted shortly with instructions as to how to submit their votes, although a postal option is available upon request. All competed ballots must be transmitted to the relevant officer by the close of business on 6 May. Any questions in regards to these changes should be directed via email or telephone.
In November 2020, the management board resolved to examine the possibility of revising the agreed 2020-2024 Investment Strategy for potential savings, to mitigate the economic costs of the ongoing coronavirus pandemic. Last week, the Board of Directors concluded after extensive deliberation that this stratagem should be significantly revised as a result. Ultimately, the Group’s previous cash flow forecasts for 2020 are notably different to the monetary reality, and to preserve the long-term financial integrity of the Rusneftegaz Group, it is integral to replenish cash balances. As such, it has been decided that the termination clauses of various contracts that Rusneftegaz and its subsidiaries are party to shall now be activated, and all non-urgent redevelopment proposals that are at pre-development or preliminary stages will go no further. However, the Board of Directors still intends to open a second international office in Dubai by the end of 2021. Management intends to communicate the results of this revised investment strategy with the corresponding parties over the coming weeks, and will not announce publically which projects are expected to be terminated at this time. We necessitate your cooperation and understanding in regards to these decisions, any questions affiliated with these changes should be directed via email or telephone.
For the fourth quarter, the company can declare operational data in the following divisions:
Oil and Gas:
All production data is unaudited and derived from internal operations reports.
Rusneftegaz has resumed full working operations following the end of the annual shutdown, with the Group and its affiliates striving to respond to all communications within one working day. We appreciate your understanding and cooperation throughout this time.
Earlier this month, Rusneftegaz celebrated the achievements of our staff throughout the last year by bestowing awards upon worthy winners. In lieu of the annual ceremony that is normally held every year at the beginning of December, prizes were distributed by their contemporaries instead of executives, all whilst adhering to the appropriate coronavirus mitigation procedures. All of the 2020 winners were nominated by their managers in recognition of their hard work and or outstanding contribution to company development, with Georgy Alekseyev and Martin Kozlov being named as employee and young employee of the year respectively. As a result of the ongoing pandemic, senior officials also elected to present an additional seventeen members of staff with special commendations for their exceptional work to keep Rusneftegaz functioning over the past twelve months. The Group will continue to endeavor to acknowledge the efforts of our workers, and is grateful to all of them for another year of success. We wish all of them a Merry Christmas and a Happy New Year.