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TAIF group to invest 425 bln rubles in petrochemicals, oil-refining by 2020

February 20/2012

(cospp) -- The company group TAIF plans to invest 425 billion rubles in setting up production and modernizing existing facilities before 2020, General Director Albert Shigabutdinov said at a meeting of Federal Ecological, Technological and Nuclear Oversight Agency (Rostekhnadzor) Volga division in Kazan on Thursday.

"From 2012, the TAIF group's petrochemicals enterprises are moving to a new phase of development. In the period until 2020, the plan is to invest in capital construction with the aim of developing petrochemicals and oil-refining around 425 billion rubles, which is equivalent to USD14 billion," Shigabutdinov said.
Plans call for investments in loan funds and the company's own money, he said. All projects will take place in Tatarstan.

Shigabutdinov said that a key project is setting up the production of ethylene (1 million tonnes per year) at OJSC Nizhnekamskneftekhim (RTS: NKNC). Last month, the company board of directors made a final decision on building the complex.
The main issue is the provision of raw material, Shigabutdinov said. "Every hour, 400 tonnes of naphtha is needed, or 3.5 million tonnes per year," he said. Around 30% of the raw hydrocarbons needed for production are destined to come from a second key project - a complex for deep oil-refining at OJSC TAIF-NK, he said.

Furthermore, two combined heat and power plants (TETs-1 in Nizhnekamsk and TETs-3 in Kazan) need modernization to increase generating capacity at each by 500 mWt, he said.
"The investment program measures will make it possible to get to the production and sale of commercial product at around 1 trillion rubles," Shigabutdinov said.

Since 1997, the TAIF group has invested 260 billion rubles in petrochemicals and the refining of oil, Shigabutdinov said. Sales increased from 9 billion rubles in 1997 to 360 billion rubles last year. Twenty-five installations have been built. The production of polymers alone increased from 500,000 tonnes in 2000 to more than 2 million tonnes in 2011.

mrcplast.com

Author:Anna Larionova
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Category:General News
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