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14.06.2012  
  On June 14, 2012, the Annual General Meeting of Nizhnekamskneftekhim OJSC’s Shareholders was held, where the 2011 performance results of the company were summarized. The President of the Republic of Tatarstan Rustam Minnikhanov took part in it.
General Director of Nizhnekamskneftekhim OJSC Vladimir Busygin reported about the company’s business activity. The reporting year turned out to be an outstanding success for the company in terms of the opportunities provided by the market. Based on the competitive edges resulted from the development during the recent years Nizhnekamskneftekhim offered the highest volumes of the entire range of innovative high-demand products to the market. The most dynamic growth was observed at the rubber market.
The commodity output amounted to RUB 121 billion in the reporting year having exceeded the year-on-year result by 34%. The sales revenue (products, services) made up RUB 122.7 billion, and the net profit surpassed RUB 14 billion. The increment in output in natural terms equaled to 7.6 per cents if compared to 2010. The yield of rubbers, plastics, ethylene and isoprene-monomer increased.
About 90% of plastics produced by the company are supplied to domestic polymer processing plants. At the same time, the amount of Nizhnekamskneftekhim’s plastics shipped to the enterprises located in the Republic of Tatarstan in the reporting year was by 22.5 thousand tons more than in 2010.
The aggregated sales revenue across Nizhnekamskneftekhim Group in 2011 grew by RUB 34.4 billion and equaled to RUB 144.9 billion that is by 31% more than in 2010. Consolidated net income of the Group increased twice year-on-year and amounted to RUB 16.6 billion against RUB 8.4 billion in 2010. The Group’s equity grew by RUB 10.5 billion, or 15.3%, if compared to 2010 data and reached RUB 79 billion. Simultaneously, borrowed funds reduced by RUB 3 billion and amounted to RUB 11.3 billion by the end of 2011.
Nizhnekamskneftekhim has long-term agreements with the five largest tire manufacturing plants and offers them a package of 7 rubber types.
Thanks to strengthening of market positions and improvement of financial performance international rating agencies “Moody’s” and “Fitch” raised the company’s credit ratings in 2011. Forecasts for all the ratings – stable.
In the reporting period, one of the significant priorities in the company’s activity remained energy saving. In 2011 the company consumed over 2 billion kWt*h of power energy to the amount of RUB 4.2 billion, about 11 million gigacalories of heat energy, which equaled to RUB 7.3 billion, and 639 million cubic meters of natural gas to the amount of RUB 2 billion. Expenditures for procurement of these utilities made up RUB 13.5 billion in total.
In order to cut energy costs and enhance the products marketability, an own power plant – GTU-75 unit was put into operation in August 2007. Within the short five years it generated the annual output of power energy consumed by the company, and completely paid out in March 2011.
Saving of additional 190 thousand gigacalories of heat energy, 19 million kWt*h of power energy and 30 thousand tons of fuel equivalent was achieved due to implementation of 54 energy-saving measures in the reporting year.
Adherence to the environmental laws at Nizhnekamskneftekhim OJSC’s facilities is ensured by the systems of operational environmental and environmental analytical monitoring. In 2011, 47 environmental measures were carried out. Due to a continuous work aimed to reduce adverse impact on the environment with simultaneous increase of the throughput in natural terms, the gross air emissions were lower by 457 tons in 2011 than in the previous year; the amount of waste products decreased by 33 thousand tons from the level of the previous year; and the total amount of treated wastewaters remained almost at the same level.
Nizhnekamskneftekhim got into the top ten of 100 largest companies in the Russia’s real economy in terms of environmental and energy and technological efficiency.
Implementation of the company’s strategic development programme till 2020 continued, pursuant to which the rubber production is being expanded up to 700 kta and a 60 kta ABS-plastic production is under construction; premium contracts for construction of the fourth train of polystyrene production were signed; a license agreement and a front end engineering contract for construction of a new olefines production complex were signed, too, which would have 1 MTA capacity for ethylene.
The annual report, the annual accounting statements as well as the income statement, the profit appropriation statement of Nizhnekamskneftekhim OJSC based on 2011 financial performance were approved at the meeting.
According to the company’s financial and economic activity in 2011, 30% of the net income will be allocated for dividend payment, which ammounted to RUB 4.319 billion, or RUB 2.36 per each common and preferred share.
A Board of Directors was elected at the Annual General Meeting of Nizhnekamskneftekhim OJSC’s Shareholders as follows:
Rinat K. Sabirov – Aide to the President of the Republic of Tatarstan (a representative from the government);
Albert K. Shigabutdinov – General Director, TAIF PSC;
Vladimir M. Busygin – General Director, Nizhnekamskneftekhim OJSC;
Sergey V. Alekseev – First Deputy General Director, “Svyazinvestneftekhim” OJSC;
Radik R. Gayzatullin – Minister of Finance, the Republic of Tatarstan;
Nail U. Maganov – First Deputy General Director, Crude and Oil Products Sales and Processing – Head of Crude and Oil Products Sales Division, Tatneft OJSC named after V.D. Shashin;
Zeljko Milic– Executive Director, IPCO - TRADING S.A.;
Vladimir V. Presnyakov – Deputy General Director, Petrochemicals and Oil Refining, TAIF PSC;
Alexander L. Rappoport – Managing Partner, “Rappoport and Partners” Law Office;
Guzeliya M. Safina – Deputy General Director, Economy and Finance, TAIF PSC;
Ilshat Sh. Fardiev – General Director, “Setevaya Companiya” OJSC.

The auditing committee was elected as follows:
Fanis G. Gabdulkhakov – Head of Economic Analysis Department, the Ministry of Finance, the Republic of Tatarstan (a representative from the government);
Rustam M. Akhmetov – Deputy General Director for Economy, Nizhnekamskneftekhim OJSC;
Olga V. Ignatovskaya – Chief Accountant, TAIF PSC;
Liliya F. Sulteeva – Economist, Financial and Economic Division, TAIF PSC;
Rushan R. Shamgunov – Head of Petrochemicals and Oil Refining Division, TAIF PSC.
ZAO “PricewaterhouseCoopers Audit” was approved by the shareholders as an auditor of the company for 2012.
Amendments and addenda to the company’s Charter and internal documents made due to changes in the existing law were adopted at the Shareholders’ Meeting.
After closing the Annual General Meeting of Nizhnekamskneftekhim OJSC’s Shareholders, the first meeting of the re-elected Board of Directors was traditionally held. The new Board of Directors welcomed a suggestion of the President of Tatarstan R. Minnikhanov to re-elect the General Director of TAIF PSC Albert K. Shigabutdinov as Chairman of the Board of Directors, and confirmed the powers of the General Director of Nizhnekamskneftekhim OJSC Vladimir M. Busygin.
 Nizhnekamskneftekhim OJSC is the biggest petrochemical company, which holds leading positions in the field of synthetic rubbers and plastics production in the Russian Federation. It is a part of TAIF Group. The company was founded in 1967, and its main production facilities are located in Nizhnekamsk, the Republic of Tatarstan.
The product slate includes over 140 items. The company’s products are exported to 52 countries of Europe, America and South-East Asia. The export share equals to about 50% of the total products volume.
 

 

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