In implementing the growth strategy, OAO Variogannef seeks to increase its shareholder value and also achieve the highest standards of corporate governance. The company firmly believes that these two goals are closely related. A commitment to transparent and responsible business management is extremely important to maintain investor confidence and, in the long run, to ensure maximum return on investment for all our shareholders.

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Being a hallmark of the most famous international corporations, effective management is an important indicator of our success in the eyes of our foreign partners. We are convinced that good governance is beneficial to all interested parties, including customers, suppliers, partners, employees and shareholders of our company. The management of LLC "IRELYAKHSKOE" will steadily continue to pay equal attention to the interests of all groups of shareholders of the Company.

All you need to know about The Refinery Cooperate Governance

Transparency of financial statements is another important element of corporate governance. LLC "IRELYAKHSKOE" has extensive experience in preparing quarterly, semi-annual and annual reports in accordance with generally accepted accounting principles. In the future we intend to follow this practice. Our immediate goal for an open joint stock company to further improve our US GAAP reporting procedures is to continue to reduce the time gap between the end of the reporting period and the publication date of financial indicators for the same period.

we understand that the reputation of an organization that strictly adheres to the highest standards of corporate governance cannot be obtained in one night. It takes time, and we are confident that we will get such a reputation. We are trying to develop our business operations. We are ready for future challenges inevitable in the energy industry. And we follow the principles of transparent and responsible governance. All this will help to gain your trust.

The business strategy implemented by LLC "IRELYAKHSKOE" is focused on ensuring sustainable development of the oil production and refining capacities. At present, Company’s key targets are to continue the upgrading of process units, restructure the business, develop the effective interaction model for the Holding’s enterprises, decrease expenses and improve the operational performance.