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  «Vremya I dengi», Ning Agaeva  

TAIF to raise resources for new investment projects

  In order to implement the ambitious investment plans till the year 2017 to the amount of RUB 355.5 billion, TAIF optimizes the expenses and looks for the ways to raise additional financing, including IPO.
Last Friday Annual Meeting of PSC “TAIF” shareholders was held, where the results of the company’s activity in 2009 were summarized. As the General Director of PSC “TAIF” Albert Shigabutdinov stated in his report, TAIF Group prevented decrease in the production volume in 2009. An aggregate revenue of TAIF Group companies amounted to almost RUB 257 billion, and the physical index of industrial production made up 104%. Over RUB 22.7 billion of taxes and duties were paid to multiple-level budgets. Net profit amounted to RUB 19 billion.
TAIF Group implemented some investment projects, first of all, in oil and gas processing, petrochemicals and chemistry. Production capacities of PSC “TAIF-NK” allow commodity output production to the amount of RUB 156 billion. PSC “TAIF-NK” produces annually over 2 million tons of high quality raw materials for petrochemicals, up to three million tons of motor gasolines and diesel fuel surpassing by many characteristics the European environmental standard EURO-4, over 600 thousand tons of jet fuel for civic and military aviation, as well as up to 120 thousand tons of road bitumens produced on the basis of European technology. Monomer and polymer production capacities at OJSC “Nizhnekamskneftekhim” and OJSC “Kazanorgsintez” at the moment amount to 2.5 million tons and 2.1 million tons per year respectively. The only productions of bisphenol-A and polycarbonates in Russia are established here on the basis of advanced world technologies.
The General Director noted that in 2009 an extremely complicated work on restructuring of OJSC “Kazanorgsintez” credit portfolio was completed, and in the result Sberbank of Russia opened credit lines to the total amount of RUB 35 billion against a full guarantee of TAIF Group as well as the state guarantees of the Government of the Russian Federation to the amount of RUB 17.5 billion. Also the issue of cancellation of tolling scheme of OJSC “Gazprom” raw ethane processing was successfully settled.
A number of projects in petrochemicals to the total cost of RUB 355.5 billion are scheduled to be implemented till the year 2017 bringing the high-quality production capacities to RUB 700 billion or 22 million tons per year.
In order to implement to measures planned, PSC “TAIF” is optimizing the costs and looking for the opportunities to raise additional financing.
Thus, continuously growing energy prices called forth the necessity in own generating capacities. Therefor, TAIF purchased two power-and-heating stations in Nizhnekamsk and Kazan for the needs of “Nizhnekamskneftekhim” and “Kazanorgsintez”. The President of Tatarstan Rustam Minnikhanov who participated in the Annual Meeting of PSC “TAIF” shareholders said that in this case a balance between the interests of representatives of power engineering and petrochemicals was successfully kept. Also the cross-subsidization system is a serious burden, when a part of utility payments of the population lies on the industrial enterprises. According to the diagrams provided to the journalists, in 2009, TAIF Group lost approximately RUB 7 billion due to cross-subsidization.
Taking into consideration the insufficiency of own financial resources, TAIF plans to enter the IPO market. According to Albert Shigabutdinov, this may occur in the next two-three years and the venue must provide “attractive” conditions. Probably, additional issue will be carried out through stock flotation in the amount ranging from 10% to 23% of the authorized capital.


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