Rustam Minnikhanov: Success of Nizhnekamskneftekhim guarantees stability of republic

“High rates of development of JSC Nizhnekamskneftekhim result from efficient work of all employees of the company and guarantee successful development of Nizhnekamsk and whole Tatarstan,” the RT President Rustam Minnikhanov said at the company’s annual shareholders meeting.

Director general of the company Vladimir Busygin reported on outcomes of work of JSC Nizhnekamskneftekhim in 2011. He noted that production activity of the company was characterized by the stable growth.

The increase of actual volume of output made 7,6% by 2010. In 2011 the volume of commercial output increased by 34% and made 121,3 bln roubles. Sales proceeds made 122,7 bln roubles (30 % more than last year), share of exports - 48 %. Net profit of Nizhnekamskneftekhim increased by 86 % and reached 14,4 bln roubles.

Vladimir Busygin informed that rubber market appeared to be most dynamically developing in 2011. Long-term agreements on rubber deliveries were signed with Goodyear, Pirelli, Bridgestone. 90 % of plastic produced at Nizhnekamskneftekhim are supplied to Russian customers.

The Tatarstan President Rustam Minnikhanov congratulated attendees of the shareholders meeting on successful completion of 2011 noting that this year Nizhnekamskneftekhim celebrates the 45th anniversary with the best results ever shown.

Rustam Minnikhanov emphasized good financial results of the company, i.e. growth of profit, average salary, capitalization of the company, decrease of amount of loans.

Nizhnekamskneftekhim is the largest taxpayer in Russia’s, republican and city budgets.

“Oil chemistry is the main point of economic growth for us. We have to reach the Gross Regional Product of 2 trillion roubles in 2016. Therefore, we must realize several major projects,” the Tatarstan President stressed.

According to Rustam Minnikhanov, the biggest project at Nizhnekamskneftekhim is construction of complex on producing ethylene (1 mln tons per year).

In addition, for further development of Nizhnekamsk industrial cluster, Tatarstan and Bashkortostan intend to realize the project of gas pipeline construction from the Western Siberia. Currently the project is being approved by the country's top leadership.

The RT President thanked the company’s top management, board of directors and the whole staff for contribution they make in development of the republic.

Finally, the contract between JSC Nizhnekamskneftekhim and CB&I Lummus on implementing a major basic project and preparation of documents for new complex on production of olefins with capacity of 1 mln tons of ethylene per year.