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27.06.2007  
  «Tatar-Inform», Anvar Malikov  
 

Rustam Minnikhanov: “TAIF should foster (contribute to) the middle class formation in Tatarstan”


 
  Today, the Annual General Shareholders Meeting was held at PSC “TAIF”. The Meeting was attended by Prime Minister of the Republic of Tatarstan Rustam Minnikhanov.
Albert Shigaboutdinov, General Director of PSC “TAIF”, said, TAIF GROUP focused on the large-scale projects of modernization of the oil and gas refinery complex in 2006. The activity of the Company was aimed at fulfilling the tasks set by the Government of Tatarstan and specified in the President’s Program of Chemicals, Petrochemicals, Oil and Gas Refinery Sector Development in the Republic of Tatarstan for 2004-2008 and the Decisions of the Security Council of the Republic of Tatarstan.
A polypropylene plant at “Nizhnekamskneftekhim”, new high density polyethylene production facilities at “Kazanorgsintez” were built in 2006. New auto-petrol plant and gas condensate separation plant commissioned at “TAIF-NK”, together with the modernization of the existing crude oil processing complex, allow production of top-quality petrochemical products able to meet strong competition, and make the complex one of the best crude oil processing productions in Russia. In the reported period, petrochemicals, oil and gas refinery companies of TAIF GROUP provided over 38% of sales and over 16% of value added of the Tatarstan chemicals, petrochemicals, oil and gas refinery complex.
TAIF GROUP reached considerable performance results in other business lines as well, i.e. investments and finance, telecommunications, building and construction, services, commerce and trade. The financial highlights trends reflect the TAIF CROUP strong market positions and the stable growing tendency of the GROUP’s economic potential.
This, on the whole, improves the economic and social spheres of Tatarstan, Albert Shigaboutdinov said. Sales revenue increased by 65% if compared to 2005 and reached RUR 140 bln. Net income made up RUR 13.1 bln. Capital investments (less VAT) exceeded RUR 22.7 bln, and the amount of taxes paid into budgets of all levels equaled almost RUR 9.4 bln.
TAIF GROUP investments are expected to exceed RUR 20 bln in 2007. The investments are to be put into “TAIF-NK” fundamental upgrading to produce high-quality petrochemicals, into the last step of the “Kazanorgsintez” modernization, and into “Nizhnekamskneftekhim” further development. The TAIF GROUP consolidated revenue is expected to equal RUR 170 bln, net income – over RUR bln.
Rustam Minnikhanov, giving a high estimation to the Company’s results for 2006, noted that such matters as investments, supply of raw materials and feedstock, training of specialists needed more consideration. The Prime Minister named further processing of produced petrochemicals as one of the Company’s goals as well consolidation of small business around large companies. As a result, the Tatarstan middle class would be formed in a speed-up manner, value-added would be increased, and petrochemicals sales markets would be diversified. Rustam Minnikhanov said that within 2 or 3 years, up to 20-30% of petrochemicals should be processed into the end products in Tatarstan.
The Shareholders Meeting made a resolution to pay dividends for 2006 in the amount of RUR 114 mln. A new Board of Directors was elected with no changes in its list of members. The TAIF First Deputy General Director Rustem Sulteev was re-elected as the Chairman.
 
 
 

 

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