OREANDA-NEWS. April 23, 2008. "Nizhnekamskneftekhim" INC held a general annual conference of its shareholders which approved the Annual Report, Annual Financial Statements, including Profit and Loss Reports, allocation of profit per the fiscal year results. R. Minnikhanov-the TR Premier, A. Metshin-Head of Nizhnekamsk Municipal Region attended the Conference, reported the press-centre of Nizhnekamskneftekhim.

The shareholders approved the 2007 Company stock dividend distribution amounting to 67,15% of the ordinary and preference stock face value (54,48% per 2006 results).

It provides for over RUR 1,229bn to be paid out within 12 months of the decision taken by the general annual shareholders' conference.

"PricewaterhouseCoopers Audit" (ZAO) was elected as the Company auditor. The Conference approved a redrafted Charter of "Nizhnekamskneftekhim" INC and a 2008 Board of Directors budget.

The shareholders elected "Nizhnekamskneftekhim" INC Board of Directors consisting of:

1. Albert K. Shigabutdinov – General Director of PSC “TAIF”

2. Vladimir M. Busygin – General Director of “Nizhnekamskneftekhim” INC

3. Radik R. Gaizatullin – Finance Minister for the Tatarstan Republic

4. Rafkat A. Kantyukov – General Director of “Gazprom transgas Kazan” Ltd

5. Nahil U. Maganov – First Deputy General Director-Head of Oil & Oil Product Sales Department of OAO “Tatneft”

6. Aidar R. Metshin – Head of Nizhnekamsk Municipal Region

7. Jelko Milich – Executive Director of IPCO-TRADING S.A.

8. Vladimir V. Presnyakov – Deputy General Director of PSC “TAIF” for Petrochemistry and Oil Refining

9. Alexander L. Rappoport – Managing Partner of Law Office "Rappoport & Partners"

10. Rinat K. Sabirov – Head of Section for Oil-Gas-Chemical Complex Issues at the Office of the Tatarstan Republic Cabinet of Ministers (state representative – without voting)

11. Guzelya M. Safina – Deputy General Director of PSC “TAIF” for Economics & Finance
The Conference elected an Audit Commission consisting of:

1. Aleksei I. Belayev – Head of Section to the Tatarstan Republic Ministry for Industry & Trade

2. Almaz I. Galeyev – Lead Advisor to the Tatarstan Republic Finance Ministry (state representative – without voting)

3. Olga V. Ignatovskaya – Chief Accountant to PSC “TAIF”

4. Igor V. Larionov – Deputy General Director-Head of Corporate Property & Investment Department, "Nizhnekamskneftekhim" INC

5. Airat D. Shamsiyev – Head of Department to the Tatarstan Republic Economics Ministry

In 2007, "Nizhnekamskneftekhim" INC commodity output totaled over RUR 55bn. The volume of production constituted 12% more compared to the preceding year. Sales proceeds amounted to over RUR 58,6bn, net profit – not more than RUR 4,096bn. RUR 5,8bn went to the budgets of all levels.

The Company launched a new chloromethyl compressor and a 7th polymerization system, a captive energy supplier – cogeneration gas-turbine unit GTU-75, LiBR production; commercialized polyether production for polyurethane systems, initiated shipments of polymerization purity 1-hexene to users.

The Ethylene Complex is still under reconstruction, PE Plant and third PS line construction is nearing completion.

After the general annual shareholders' conference of "Nizhnekamskneftekhim" INC was over, a new Board of Directors traditionally held its first session and supported the motion of R. Minnikhanov-the TR Premier and elected Albert K. Shigabutdinov-General Director of PSC “TAIF” again as the Board Chairman, and affirmed the powers of Vladimir M. Busygin-General Director of “Nizhnekamskneftekhim” INC.