Rustam Minnikhanov: Tatarstan leadership supported and will support “Kazanorgsintez”

Year 2009 has been the hardest one in history of JSC “Kazanorgsintez”, RT President Rustam Minnikhanov said at yearly meeting of company’s shareholders. Director General Leonid Alekhin summarized company’s work in his report. Thus, the gain in 2009 has made 22,5 bln. roubles, gain on sales – 800 mln. roubles. Because of law prices for the products, rise in prices for energy facilities and negative difference of exchange by company’s arrers “Kazanorgsintez” has got net loss of 2,114 bln. roubles.

Leonid Alekhin reminded that Sberbank provided credit of 20 bln. roubles and group of companies “TAIF”, the main shareholder - credit of 15 bln. roubles. He also stressed that despite all financial problems the enterprise continued working at maximum capacity. 1556 tones of production were issued in 2009.

By words of Director General a significant result of company’s activity has been signing of agreement with “Gasprom” for delivery of ethane for the period of 6 years.

Head of “Kazanorgsintez” hopes for company’s safe overcoming of a complicated situation.

Shareholders approved annual report of the company and made decision not to pay dividends by results of 2009 year. Membership of “Kazanorgsintez” Directors board was renewed.

“2009 year was very difficult for world economy, Russia and Tatarstan in particular. I think there has never been such a hard year in history of “Kazanorgsintez”, - RT President Rustam Minnikhanov announced.

“Kazanorgsintez” has enormous potential. It is the leader in Russia by many kinds of products. Notwithstanding all challenges we are standing our ground, we have consolidated our positions in the market and we have new competitive kinds of products, - Head of Tatarstan emphasized.
“The key tasks are implementation of business plan and commitment of capacities. Those products made at “Kazanorgsintez” allow developing small and medium-size business”, - Rustam Minnikhanov said.