OAO “TAIF” to allocate 15 per cent of its net profit to pay dividends

On April 30, at a press conference for media representatives, Board Chairman of OAO “TAIF” Rustem Sulteev  said that by the results of 2013, OAO “TAIF” will allocate 15 per cent of its net profit or 2.085 billion roubles to pay dividends.

Tatarstan President Rustam Minnikhanov and Director General of OAO “TAIF” Albert Shigabutdinov took part in the press conference that was held after the meeting of the new Board of Directors.

Rustem Sulteev also reported that that the new Board of Directors of 10 board members was approved. They are Ignatovskaya Olga, Vladimir Presnyakov, Alexander Rappoport, Guzeliya Safina, Rustem Sulteev Timur Sulteev, Alexander Friedmann, Ruslan Shigabutdinov Albert Shigabutdinov Radik Shaimiev.

By the results of 2013, the amount of capital investments made 23.4 billion rubles. Speaking at the press conference Rustam Minnikhanov said that "TAIF" is one of the largest companies, not only for Tatarstan, but for Russia as well. Producing 1.4 million tons of plastic and more than 640 tons of rubber, the company is a major petroleum refiner, which is also developing  other businesses not related to refining and petrochemicals.

Rustam Minnikhanov noted that the company works under tough competitive conditions, because the market is complex and there is some slowdown in economic rates in Europe. Nevertheless, the company is able to deal with the tasks set and the work on launching new production facilities is underway.

Rustam Minnikhanov appreciated the company’s performance.

Tatarstan President also expressed his attitude towards the US and EU economic sanctions against Russia and about their possible consequences for Tatarstan.

"All these sanctions are political rivalry. Every country has its own geopolitical objectives, and it is clear that Russia cannot agree with everything that the Western world dictates today. This is bad for everyone, for our Western partners to begin with. None of our business partners is going to refuse to work here officially. The Russian market is growing, we buy the most modern technologies, attract the best potential. Therefore, I see no danger here. I am sure that our Western partners will understand that they do harm to their business. Politicians should do politics. They should help the business, not damage it. The contacts between business partners should bring politicians together. We have our own interests and the position of the Russian President is clear that we will not take any countermeasures, on the contrary, we invite them to cooperate," Rustam Minnikhanov said in particular.