Today, the Annual General Meeting of TAIF PSC Shareholders was held to summarize the results of TAIF Group's and the Company's operations in 2017. The meeting was attended by the President of the Republic of Tatarstan Rustam Minnikhanov.
A report on the results of TAIF Group's and the Company's activity in the reporting year was delivered by Albert Shigabutdinov, General Director, TAIF PSC. Summarizing the last year's results, he noted that, despite the fact that the year was difficult, the performance of TAIF Group's petrochemical companies, Nizhnekamskneftekhim PJSC and Kazanorgsintez PJSC, as well as the power generation company, TGC-16 OJSC, in terms of the commodity output volume was the highest ever recorded over the entire period of their operations.
In the reporting year, TAIF Group earned consolidated proceeds, including indirect taxes, in the amount of RUB 687.1 billion. Sales revenue amounted to RUB 593.4 billion, and EBITDA - RUB 109.0 billion. RUB 52.6 billion of taxes and fees were paid to all-level budgets and non-budgetary funds, including RUB 17.6 billion paid to the budget of the Republic of Tatarstan. The total investment in the construction of new and modernization of the existing production facilities amounted to RUB 73.9 billion in the reporting year. The extensive work continued on the improvement of the environmental situation in the Republic of Tatarstan.
TAIF Group's contribution to the development of the nation, including payment of taxes, social payments, charity, environmental protection and industrial safety costs along with the investment in the development of the Group itself made up RUB 166.9 billion.
Sponsor support and charity were provided to educational, research, religious, public, children and health care institution, for the promotion of healthy lifestyle and the development of sports in the republic, and for the revival and creation of new cultural and historical sites in Tatarstan and the Russian Federation.
The total amount of TAIF Group's social investment in 2017 exceeded RUB 46 billion.
According to Albert Shigabutdinov, last year, notwithstanding the tightening of economic sanctions, TAIF Group continued to expand international ties and strengthen cooperation with foreign companies in the fields of energy, oil refining and petrochemicals.
In June 2017, a 2025 Memorandum of Strategic Cooperation was signed between TAIF Group and LINDE AG, Germany, to the total amount of EUR 12 billion; under this Memorandum, Nizhnekamskneftekhim PJSC and LINDE AG entered into the Framework Agreement on the implementation of related contracts on licensing, engineering, equipment procurement and supply of the grassroots EP-600 olefin complex in Nizhnekamsk.
In 2017, a largest energy project was completed – a new gas turbine unit with a 405.6 MW electricity capacity and a 455 Gcal/h heat capacity implemented jointly with General Electric, USA, was launched at the Kazan CHPP-3 of TGC-16 OJSC.
In October of the reporting year, a long-term strategic cooperation agreement was signed between Kazanorgsintez PJSC and Univation Technologies that stipulated the further development of high density polyethylene (HDPE) production at Kazanorgsintez PJSC.
In December 2017, TAIF Group and Siemens, Germany, signed a turnkey contract for the construction of a new 495 MW power plant in Nizhnekamsk for the needs of Nizhnekamskneftekhim PJSC.
Albert Shigabutdinov highlighted that all investment projects were implemented in accordance with the 2030 TAIF Group Development Strategy.
The annual report, the annual financial statements including the income statement and the profit distribution based on the 2017 financial performance were approved, and a new Board of Directors of TAIF PSC was elected at the meeting. In the meeting held by a newly elected Board of Directors after the conclusion of the Annual Shareholders' Meeting, following the proposal of Rustam Minnikhanov, the President of Tatarstan, Rustem Sulteev, First Deputy General Director, TAIF PSC was re-elected as a Board Chairman. The powers of Albert Shigabutdinov in the capacity of TAIF PSC's General Director TAIF PSC were confirmed.
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