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TAIF plans to sell stake in refineries and chemical plants

November 17/2010

(Plastemart) -- TAIF, an investment group based in Russia's Tatarstan region, is to decide on plan to sell shares in its refineries and chemical plants to help fund 347 billion rubles (US$11 bln) of investments. The group is considering selling equity in the TAIF-NK oil refinery and petrochemicals units OAO Nizhnekamskneftekhim and OAO Kazanorgsintez to fund the investment plan through 2016. The three plants are estimated to have net income of 15.6 bln rubles on revenues of 248 bln rubles this year.

Talks are underway with banks, and a decision will be reached on the best way to do this - via loans, bonds, or an IPO. TAIF is planning 88 bln rubles of investment in the TAIF-NK oil refinery, which processed 7.75 mln tons of oil (about 155,000 bpd) last year. The investment will be used to improve the plant's refining depth to 98.5% from 72% now and increase capacity to 10.1 mln tpa year in 2016, according to the group's annual report.


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