Rustam Minnikhanov: High credit rating of TAIF Company is significant investment resource

On October 3, on the sidelines of the Russian Energy Week International Forum, Tatarstan President Rustam Minnikhanov and Director General of TAIF Production and Investment Company of the republic Albert Shigabutdinov took part in a signing ceremony of a long-term loan agreement under the Euler Hermes insurance policy in the amount of 240 million euros for the period until the end of 2033, which will finance the contract with Siemens Company under the project implemented by Nizhnekamskneftekhim Petrochemical Company on construction of a new power plant with 495 capacity.

Director General of Nizhnekamskneftekhim Azat Bikmurzin and Deutsche Bank’s Head of Trade Finance and Regional Head of Global Transaction Banking EMEA (Europe, Middle East and Africa) Daniel Schmand signed the agreement.

Answering the journalists’ questions, Minnikhanov noted that the modern petrochemical plants are very energy-intensive. “Competitiveness and investment attractiveness largely depend on the cost of energy resources, in particular, process steam and electricity,” he said.

Tatarstan President stressed that the new power plant will be equipped with the most modern and fuel-efficient technology. “We congratulate our colleagues. This is great work of TAIF and Siemens Companies, banking institutions and insurance companies. The signing of this agreement is a very important event not only for Tatarstan, but also for the whole country,” he said.