The Group’s investment programme was reviewed in connection with the crisis and new conditions of raw materials supply.
The investments of TAIF Group in the development of Tatarstan petrochemical complex till the year 2016 will amount to RUB 355.5 billion. This was reported today by the General Director of PSC “TAIF” Albert Shigabutdinov at the Annual Meeting of the company’s shareholders.
A. Shigabutdinov noted that during 15 year of the existence of PSC “TAIF” over RUB 180 billion were invested in the program of the development of oil and gas processing, petrochemicals and chemistry.
Investment program for 2009-2016, according to Mr. Shigabutdinov, was reviewed in connection with the financial crisis and new conditions from raw materials suppliers for petrochemical enterprises of the Republic. Thus, completion of modernization of “TAIF-NK” plant is carried over to the years 2015 – 2016, while instead of initially planned 7 million tons of crude with processing depth 74.1 per cent the annual processing volume is supposed to be brought to 9.1 million tons, and the processing depth – to 98.5 per cent.
Also Albert Shigabutdinov told that construction of a plant in Kazan is scheduled for the next 2 years, which would provide petrochemical enterprises of the Republic with raw materials. It is assumed that the plant will produce 200 thousand tons of ethylene and 50 thousand tons of benzene annually. “Reserves are necessary in order to lower the dependence from “Gazprom” structures in terms of raw materials”, A. Shigabutdinov reported.
A new program implies investments to the amount of RUB 355.5 billion and TAIF Group’s annual revenue by 2016 must reach RUB 700 billion versus current RUB 257 billion.
Albert Shigabutdinov said that funds are supposed to be raised from various sources. “Portfolio investments, project investments and bank loans are considered. And IPO is also considered as one of potential options”, General Director of PSC “TAIF” told.
Just to remind, PSC “TAIF” is the major shareholder of OJSC “Nizhnekamskneftekhim”, OJSC “Kazanorgsintez” and PSC “TAIF-NK”.