Russia's holding company TAIF eyes $14bn investment in petchems

16 February 2012 17:06  [Source: ICIS news]

MOSCOW (ICIS)--Russia-based holding company TAIF plans to invest roubles (Rb) 425bn ($14bn, €11bn) to modernise its refining and petrochemical units and build new production facilities, the company said Thursday.

TAIF CEO Albert Shigabutdinov said a key project of the company’s modernisation programme was to construct a new 1m tonne/year ethylene unit at the premises of its subsidiary Nizhnekamskneftekhim (NKNKh).

TAIF also plans to build new refinery units and infrastructure projects, he added, without going into detail.

TAIF’s modernisation programme aims to increase the company's sales from Rb360bn in 2011 up to Roubles 1,000bn in 2020, it said.

Based in Tatarstan, central Russia, TAIF controls Russia's leading petrochemical producers, Kazanorgsintez and NKNKh, as well some other refineries and assets.

($1 = Rb30.07, €1 = Rb39.28)

By: Sergei Blagov
+44 20 8652 3214

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