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  Realnoye Vremya (Real Time),  

Russian Prime Minister Dmitry Medvedev Made TAIF-NK Projects Unique Equipment Exempt from VAT

  On April 9, Russian Prime Minister signed a decree, which granted exemption from VAT to the equipment coming from abroad to the production facilities under construction. As it is set out in the document, such a decision will allow reducing diversion of the working capital for the companies implementing investment projects aimed at the development of new production sites. The decree listed the equipment items that have no analogues in Russia and are exempt now from VAT when imported. This list included, among others, the process equipment for the Heavy Residue Conversion Complex (HRCC), which is now being built by TAIF-NK PSC in Nizhnekamsk. So far, all the large-size equipment has been installed at the HRCC construction site. The portion of the equipment supplied for the core unit of the VCC complex has exceeded 92%. As far as the rest of the process equipment for the future production is concerned, it is planned that the equipment supply will be completed by the end of the third quarter this year. According to the schedule, all the construction and installation work shall be completed in the first half of 2016. HRCC is a strategic project for TAIFNK based on a globally unique Veba Combi Cracking technology, which allows bringing the crude conversion depth to 95% along with full switching to the manufacturing of high quality oil products only. The startup is scheduled for the end of 2016. The project cost estimate is USD 1.7 billion. According to the data provided by Tatarstan Investment Development Agency, TAIF, which is a parent company of TAIF-NK, has invested RUB 327.4 billion in the modernization of its subsidiaries since 2000.  


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