OREANDA-NEWS. December 10, 2009. A regular Board of Directors of OAO Nizhnekamskneftekhim was held in Nizhnekamsk under the chairmanship of Mr. A. Shigabutdinov, General Director of TAIF JSC and Chairman of the Board of Directors of OAO Nizhnekamskneftekhim, reported the press-centre of Nizhnekamskneftekhim.

The Board of Directors acknowledged the financial and economic results of OAO Nizhnekamskneftekhim for 9 months, 2009, including the results of completion of the plan for using and financing of capital investments. For the reported period commercial production output reached RUR3 bln. which exceeds the targeted level by 17.3%. The plan of product sales was fulfilled by 115%. Net profit of the Company amounted to RUR730 mln.

Members of the Board acknowledged the information about implementation of measures under the program of debt management of the Company and on the status of accounts payable and accounts receivable and gave instructions to continue the work for optimization of those.

The Board of Directors acknowledged satisfactory implementation of the energy saving program for the period from 2006 to 2010; administrative and technical measures aimed at improvement of power supply reliability; programs of revamping, modernization, repair and replacement of electric equipment and steam and heat supply systems of OAO Nizhnekamskneftekhim.
66 energy-saving techniques were introduced by our Company, and the economic benefit exceeded RUR1.4 bln.

The Board of Directors approved the work of executive management in implementation of anti-crisis programs and activities on cost reduction based on the accepted anti-crisis program.

The Board of Directors considered the matter of possible placement of orders of OAO Nizhnekamskneftekhim at the enterprises of Tatar Republican Organization of All-Russian Society of handicapped persons and the decision was taken to sign an agreement of mutual cooperation.

Certain aspects of financial and economic activities of OAO Nizhnekamskneftekhim were also discussed at the Board Meeting.