OREANDA-NEWS. August 7, 2007. Regular meeting of board of directors of Nizhnekamskneftekhim Inc. was held under the chairmanship of Mr. V. Busygin, vice chairman of the Company’s board of directors, general director of Nizhnekamskneftekhim Inc.

The positive performance of Nizhnekamskneftekhim Inc. in the first half of 2007 was noted at the board meeting. Commercial production output for the accounting period amounted to 27.6 billion rubles which is 4.4 billion rubles higher compared to respective period of 2006. Net profit of the company reached over 2.2 billion rubles and its growth versus the last year is 37.2%. More than 2.9 billion rubles of taxes were transferred to the budgets of various levels during 6 months of 2007.

Members of the board of directors approved the proposed strategy of development of Association “Nizhnekamsk industrial area” and further increase of a number of Association participants for the purpose of development of petrochemical production for car components.

The board meeting approved the progress of implementation of environmental policy of Nizhnekamskneftekhim Inc. and accepted the ecological program for years from 2007 to 2015.

The board of directors entrusted the company management to finalize the work on elaboration of a business plan for Strategic Program of Nizhnekamskneftekhim Inc. development for 2008 – 2012 and bring it for approval at the next board meeting.

Action plans were also approved at the board meeting for committees on auditing, personnel and fees for 2007 – 2008.