A regular session of “Nizhnekamskneftekhim” INC Board of Directors presided by A. Shigabutdinov, General Director of “TAIF” JSC, was held July 28, 2006.
Board of Directors approved the Company’s 2006 production and economic activity plan taking into consideration the first half-year operation results: commodity output will amount to RUR 45.02bn in established prices, a polypropylene production facility and a gas-turbine unit GTU-75 at Nizhnekamsk Thermal Power Plant will be put into operation.
Board of Directors approved a plan of actions to devise a “Nizhnekamskneftekhim” INC advancement program, according to which a proceeds level is expected to reach RUR 130bn by 2012. The plan of actions provides for analysis of feedstock and product sale markets, opportunities to set up a complex of small-capacity production facilities, development of multi-choice technological configurations for new production facilities and studying feasible ways of financing.
Members of Board of Directors approved of the progress in materializing the project “Nizhnekamsk Industrial Region” with “Nizhnekamskneftekhim” INC participating. A major objective of the Region, created slightly more than a year ago, is to promote development of small businesses for processing polymers and petrochemicals. Over the reporting period, the Region’s small businesses commercialized more than 20 novel products, another 38 is being materialized. Besides, the new product facilities provided over 275 new jobs, to be added with no less than another 250 next year.
Board of Directors approved of the 2005 consolidated financial accounts per IAS and gave instructions to continue optimization of the Company’s financial investment structure.