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25.04.2008  
  April 25, 2008

The Annual General Shareholders Meeting of PSC “TAIF” took place on April 25, 2008, summarizing the results of 2007. Rustam Minnikhanov, Prime Minister of the Republic of Tatarstan, attended the Meeting.

Albert Shigaboutdinov, General Director of PSC “TAIF”, made the speech on the 2007 results. According to Mr.Shigaboutdinov, in the reported period, TAIF GROUP had almost completed the tasks set by the Government of Tatarstan and included into the Presidential Development Program for Oil, Gas & Petrochemical Complex of the Republic of Tatarstan for 2004-2008. Thus, large-scale investment projects in oil refining and petrochemical sectors of the Tatarstan economy were successfully implemented. The leading companies of TAIF GROUP such as OJSC “TAIF-NK”, OJSC “Nizhnekamsknefthekhim” and OJSC “Kazanorgsintez” showed the best financial and operational highlights through their history.

TAIF-NK completed the transitional stage and started the production of high quality fuels complying with Euro-4 standards as well as jet fuel with total assets of RUB 37 bln. TAIF-NK had become the top second company in Tatarstan (after OJSC “Tatneft”) by its production volumes. Nizhnekamskneftekhim had started the construction of power generating facilities for TAIF GROUP needs and put into operation the first gas-turbine power plant (GTU-75) on the day of its 40th anniversary. Kazanorgsintez had completed the reconstruction of polyethylene production facilities and the construction of Bisphenol-A Plant, the first one in Russia and the CIS.

As per the year-end results, the share of TAIF GROUP chemical, petrochemical and oil refining companies in the summarized financial results of oil, gas & petrochemical companies of Tatarstan equaled 96%. Revenues of these companies of TAIF GROUP increased from RUB 138 bln to RUB 170 bln, net income made 55% of total net income for TAIF GROUP. Mr.Shigaboutdinov made a reference to the President Shaimiev words stating that petrochemicals as an economy sector makes the point of the further growth of the Republic. The progressive development of petrochemicals production results in the development of the Tatarstan economy as well as its social sphere resulting in a better life of its people. This is the main idea of the TAIF GROUP companies operation.

In 2007, TAIF GROUP achieved noticeable results in other business spheres as well; they are investments and finance, telecommunications, building and construction, services. On the whole, the TAIF GROUP sales revenue increased from RUB 153bln to RUB 192bln in the reported period. Net income made RUB 21.4bln. Capital investments less VAT exceeded RUB 27.8bln, and taxes and duties paid into all budget levels made over RUB 17bln including RUB 6bln of taxes paid into the consolidated budget of the Republic of Tatarstan. It is an ever-record amount earned by TAIF GROUP within the financial year and paid into the republican budget. The amount of the TAIF GROUP produced and delivered goods and services was RUB 156bln or 21% of the amount of goods and services produced and delivered in Tatarstan. The monthly average salary in TAIF GROUP in 2007 increased by 20% versus 2006 and reached RUB 18,099.

The PSC “TAIF” Annual Report, Financial Statements including Income Statement, and profit allocation as per the year-end results were approved by the Meeting. The stockholders will be paid dividends in cash amounted to RUB 29.63 per ordinary share. LLC FBK “Povolzhie” was approved as the auditor.

The PSC “TAIF” Board of Directors was elected at the Meeting as follows:
1. Rustem N. Sulteev, First Deputy General Director, PSC “ĎAIF”
2. Albert K. Shigaboutdinov, General Director, PSC “TAIF”
3. Radik M. Shaimiev, General Director, LLC “Nira-Export”
4. Alexander Z. Fridman – an independent individual
5. Sergei I. Porotsky – an independent individual
6. Guzeliya M. Safina, Deputy General Director, PSC “ĎAIF”
7. Vladimir V. Presnyakov, Deputy General Director, PSC “T└IF”
8. Leonid S. Alekhin, General Director, OJSC “Kazanorgsintez”
9. Alik G. Tsoy, Deputy General Director, LLC “Nira-Export”
10. Ruslan A. Shigaboutdinov, Deputy General Director, PSC “TAIF”

Rustem N. Sulteev was re-elected as the Boar Chairman by the new Board Meeting held right after the Shareholders Meeting.
 

 

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