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26.04.2007  
  April 26, OJSC “Nizhnekamskneftekhim” (NKNK) held an Annual General Shareholders Meeting. Prime Minister of the Republic of Tatarstan Rustam Minnikhanov, Head of Nizhnekamsk Municipal Region A. Metshin attended the Meeting along with other invitees.
V. Busygin, General Director of OJSC “Nizhnekamskneftekhim”, delivered a summary report on the 2006 operation results stating that the Company’s commodity output amounted to RUR 46 bln, which is, in the established prices, by 15.6% more compared with the preceding year. The commercial output index (commercial output of 2006 to that of 2005 in comparable prices) equaled 105.5%. Sales income yielded RUR 5.8 bln, average monthly wage of the Company employees reached RUR 16.6 th, which is 14.3% higher of the 2005 level.
In the reporting year, the Company launched a Halobutyl Rubber Finishing Line “Welding 2”, Isoprene One-Stage Synthesis Unit, commercialized more than 10 PS grades, signed an ABS-Plastics License Agreement with “Polimeri Europa”. On October 11, 2006, a PP Unit was commissioned. Over the two months pf the last year, 5 homopolymer grades were commercialized, including bimodal ones, for the first time in Russia. Oligomer Plant commercialized the process of producing 4 new highly remunerative grades of polyethers – polyethylene glycols.

OJSC “Nizhnekamskneftekhim” effects payments to the budgets of all levels in full and in due time. The payments exceeded RUR 5.3 bln in 2006.
In 2007, the commercial sale proceeds are planned for increase up to RUR 55 bln, sales income will level up to RUR 7.6 bln. The average monthly wage will indicate RUR 18.2 th. Capital investments will run up to RUR 7 bln.
Addressing the Meeting, TR Prime Minister R. Minnikhanov stated that OJSC “Nizhnekamskneftekhim” had successfully materialized the objectives put forward by the TR Government, the Security Council. He defined the development of the Ethylene Complex and completion of the Town Water Treatment Plant construction as priority targets in the activities of the Company’s Board of Directors and Executive Management.

The Board members approved the annual report, the annual financial statements which include a income statement and a income distribution report based on the outcome of the fiscal year 2006, the dividend rates on the Company shares for the year 2006.
The shareholders will be paid dividends in the form of money at the rate of 54.48% of par value of ordinary and preference shares, which will amount to RUR 997 mln or 30% of the Company’s net income according to the 2006-year results.

The new Board of Directors of OJSC “Nizhnekamskneftekhim” was approved on the Meeting including 11 members:

Rinat K. Sabirov – Head of Department for Oil-Gas-Chemical Complex Issues at the Office of the Tatarstan Republic Cabinet of Ministers (a government representative, with no voting)
Sergei V. Alekseyev – First Deputy General Director of OJSC “Svyazinvestneftekhim”
Vladimir M. Busygin – General Director of OJSC “Nizhnekamskneftekhim”
Radik R. Gaizatullin – Minister of Finance of the Republic of Tatarstan
Rafkat A. Kantyukov – General Director of LLC “Tattransgas”
Nahil U. Maganov – First Deputy General Director -Head of Oil & Oil Product Sales Department, OJSC “Tatneft”
Aidar R. Metshin – Head of the Nizhnekamsk Municipal Region
Vladimir V. Presnyakov – Deputy General Director of PSC “TAIF”
Ilshat Sh. Fardiyev – General Director of OJSC “Tatenergo”
Albert K. Shigabutdinov – General Director of PSC “TAIF”
Ruslan A. Shigabutdinov – Deputy General Director of PSC “TAIF”
The Auditing Committee was approved on the Meeting including 5 members:

Nahila Z. Gilmutdinova – Lead Adviser of the Tatarstan Republic Ministry of Finance (a government representative, with no voting)
Aleksei I. Belyayev – Head of Section of the Fuel and Energy Complex Strategic Development Department at the Tatarstan Republic Ministry for Economy & Industry
Olga V. Ignatovskaya – Chief Accountant of PSC “TAIF”
Rashit G. Salakhutdinov – Head of Section of Corporate Property & Investment Department, OJSC “Nizhnekamskneftekhim”
Dmitry I. Teslenko – Head of Finance & Economics Department, PSC “TAIF”

The Meeting approved “Auditing Firm “Audi” Ltd as the Company’s auditor.
The Meeting approved the amended Statute and the in-house documents (Regulations for the Shareholders’ General Meeting, Board of Directors and Auditing Committee activity procedure) of OJSC “Nizhnekamskneftekhim”, the 2007 expenditure budget for the Board of Directors.
After the Meeting was over, the newly elected Board of Directors held its first session. Albert K. Shigabutdinov, General Director of PSC “TAIF”, was again elected as the Chairman of the Board. The Board of Directors confirmed the authority of Vladimir M. Busygin as the General Director of OJSC “Nizhnekamskneftekhim”.
That very same day, TR Prime Minister R. Minnikhanov and other Meeting attendees witnessed the ceremony of Cracker SRT-VI startup at NKNK Ethylene Plant.

Reference note: New Cracker for gasoline, kerosene, hydrogenated gas oil has been constructed in line with the Program to expand the Ethylene Plant capacity up to 600 Ktpa. Its particular features are: high selective cracking performance for diversified hydrocarbon feed, high cracking feed performance, efficiency. Licensor and Equipment Supplier – “ABB Lummus Heat Transfer”.

 

 

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420012 Kazan, Republic of Tatarstan, Russia


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E-mail: bars@taif.ru