OREANDA-NEWS. June 15, 2012. OJSC Togliattiazot Chairman of the Board of Directors, Sergey Makhlay in an interview to "Rossiyskaya Gazeta" newspaper commented on the recent media reports about the sale of the plant. According to him, the company's strategy remains unchanged: OJSC Togliattiazot is not going to be sold or merged with other companies.

"Stories about the sale of Togliattiazot are deliberately put about to mislead the public authorities and the market. We have everything that is necessary for the development and promotion of the market. Entering the alien structure will transform the company into the resource appendage to implement third-party interests," - said Sergey Makhlay.

The Company's management thinks that the main priority of Togliattiazot is the modernization of the company’s management structure, based on international standards. The development of modern management structure is completed, and this summer they will begin its phased implementation, which is scheduled to be completed by 2014.

Sergey Makhlay said that last year Togliattiazot embarked on a program of capital repairs, reconstruction and modernization of production units, which will last until 2020. At the first stage, special attention will be paid to the overhaul of production units to ensure their smooth operation.

The Company then will start ammonia plants modernization and reconstruction which will increase their production capacity up to 1600-1800 tons per day, reducing energy consumption and emissions. In 2013, 2014, urea plants will be modernized. Their production capacity will be nearly doubled - to 5,200 tons per day. "Now we are seeking contractors who could perform the work in workmanlike manner and in the shortest possible time," - said the Chairman of the Board of Directors.

He stressed that the Company does not forget its social responsibility to the people of Togliatti. "A number of minority shareholders require us to abandon the social facilities and reduce social spending, citing the considerable costs of social programs. I want to say with full responsibility that we will not agree. People should know that favorable conditions are waiting for them in the enterprise. We are not temporary workers. We have our share of responsibility for life in the city and region. These are stable jobs and wages, it is a social infrastructure, which is used not only by our employees, it is a participation in social projects. It is a serious work to improve the environmental production standards", - said Sergey Makhlay.

We would like to remind you that Sergey Makhlay in March last year succeeded Vladimir Makhlay. "Shareholders have identified a seven-year program for me. In seven years they will decide how I coped," - said Chairman of the Board of Directors.