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(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.
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