Tatarstan President takes part in annual general meeting of shareholders of TAIF Production and Investment Company

On June 27, Tatarstan President Rustam Minnikhanov took part in the annual meeting of shareholders of TAIF Production and Investment Company, which summed up the results of the activity of TAIF Group and the joint stock company in 2017.

Making a report on the results of TAIF Group in 2017, Director General of the TAIF Production and Investment Company Albert Shigabutdinov reported that TAIF Group earned 687.1 billion roubles of income, including indirect taxes in 2017. The revenue amounted to 593.4 billion roubles, EBITDA made 109 billion roubles.

He went on to report that 52,6 billion roubles of tax payments and fees were paid to the budgets of all levels and extra-budgetary funds, including about 17,6 billion roubles in the regional budget. The total investment volume in the construction of new production facilities and modernization of existing ones amounted to 73,9 billion roubles for the reported year. The company also continued large-scale work to improve the environmental situation in the republic.

Shigabutdinov noted that the total amount of the TAIF Group's contribution to the country's development, including tax payments, social payments, environmental and industrial safety costs, and investments in the development of the Group amounted to 166.9 billion roubles. The total amount of social expenses of the Group in 2017 exceeded 46 billion roubles.

He said that last year, despite the increase in economic sanctions, the Group continued expanding international relations and strengthening cooperation with foreign companies. For example, in June 2017, the Group signed a Memorandum of Strategic Cooperation until 2025 for a total amount of 12 billion Euros with German Linde AG Company. Under this document, a frame agreement was signed between Nizhnekamskneftekhim Petrochemical Company and Linde AG Engineering for the implementation of contracts for the design, purchase of equipment, and the granting of licenses for the construction of a new EP-600 olefin complex in Nizhnekamsk.

Minnikhanov thanked Shigabutdinov for a detailed analysis of the activities of the TAIF Group of Companies. He stressed that the enterprises of the TAIF Group represent one of the largest petrochemical centres of the country.