President of Tatarstan Rustam Minnikhanov: “Nizhnekamskneftehim” always was and remains one of the leading enterprises in the Republic

President of Tatarstan Rustam Minnikhanov has high appreciated working results of JSC “Nizhnekamskneftehim” in 2009 at the annual general shareholders meeting .

Director General of JSC “Nizhnekamskneftehim” Vladimir Busygin said that last year was marked by overcoming consequences of world financial crisis. The first quarter appeared to be the hardest period - production decreased three times in comparison with 2008. Some manufacturing processes were stopped. “But owing to realization of anti-crisis program since the second quarter of 2009 the tendency of recovery has been observed. In the third-fourth quarters pre-crisis production volumes were achieved”, - Vladimir Busygin said.

In 2009 “Nizhnekamskneftehim” realized production for the sum of 60 bln. roubles. (15 % less than in 2008). Gross profit decreased from 13,1 bln. to 8,3 bln. roubles. Net profit of the company by results of 2009 made 424 mln. roubles to 1,76 bln. in 2008.

Vladimir Busygin stressed that growth of tariffs for energy resources seriously influence economic rates of the enterprise.

Average number of employees reduced for about 1000 people mainly because of assigning several productions for subsidiaries. Average salary at “Nizhnekamskneftehim” has made 22 000 roubles.

Shareholders have elected Directors board consisted of 11 members. Head of Nizhnekamsk municipal region Aidar Metshin dropped out of former membership. Director General of JSC “Tatenergo” Ilshat Fardiev has become a member of the board instead of him.

Independent directors have been reelected as follows: CEO of Swiss company «Ipco-Trading S.A.» Milich Zhelko, managing partner of legal agency “Rappoport and partners” Aleksandr Rappoport, Director general Albert Shigabutdinov, his deputies Vladimir Presnyakov and Guzeliya Safina entered directors board on behalf of JSC “TAIF”.

Aide to RT Prime minister on issues of oil-gas-chemical complex Rinat Sabirov, RT Acting minister of finances Radik Gaizatullin and deputy head of secretariat of RT State counselor Evgeny Grishin will present state interests in Directors board.

“Nizhnekamskneftehim” is the largest oil-gas-chemical company. Wellbeing of our republic to a large extend depends on its prosperity”,- RT President stressed.

President of Tatarstan emphasized that very ambitious goals are set before “Nizhnekamskneftehim”. “We have accepted the third program of developing oil-gas-chemical complex of Tatarstan, so republic will increase its potential in oil-processing and petrochemistry sectors, - Rustam Minnikhanov said.

“I would like to assure that “Nizhnekamskneftehim” is still one of the leading enterprises which has always been thoroughly controlled by republican leadership, - Rustam Minnikhanov addressed company’s management. - I estimate working results positively and wish you all the best. We will, in our turn, help you in every way ”.

The first session of new membership of JSC “Nizhnekamskneftehim” board of directors took place after meeting of shareholders.