Situation at JSC “Kazanorgsintez” to be discussed at governmental commission chaired by First Vice Premier of Russia Igor Shuvalov

Shareholders of JSC “Kazanorgsintez” voted at general annual meeting for not paying dividends by results of work in 2008. The meeting was held by chairman of JSC “Kazanorgsintez” Directors council - director general of JSC “TAIF” Albert Shigabutdinov.

RT Prime Minister R.N.Minnikhanov took part in the meeting.

Shareholders approved annual report of enterprise, voted for making alterations in articles of association and confirmed new membership of Directors council.

Director general of “Kazanorgsintez” Leonid Alekhin reported on work in 2008. Thus, receipts from products realization made 23,4 billion RUR (it is 2 billion RUR more than last year)

Production of the enterprise is being distributed to 25 countries all over the world – China, Ukraine, Lithuania, Kazakhstan, Finland and others. Increase of production slowed down in the forth quarter of 2008.

By the way, sales income in 2008 made 1,8 billion RUR. The enterprise arranges for payment in budgets of all levels and pays salary in time.

By words of Leonid Alekhin average monthly salary in 2008 made 22,6 thousand RUR, 9154 employees worked at the enterprise. 6,3 billion RUR were spent for realization of investment projects. Decrease of prices for production led to decrease of profitability of the enterprise.

As a matter of fact “Kazanorgsintez” bore losses of 2,8 billion RUR in 2008.

Shareholders voted for CJSC “PricewaterhouseCoopers Audit” as auditor company for 2009. They also approved transactions with JSC “Nizhnekamskneftehim”, JSC “Tatenergo”, JSC “TAIF”.

By words of Rustam Minnikhanov issues of “Kazanorgsintez” will be discussed at governmental commission chaired by First Vice Premier of Russia Igor Shuvalov.