JSC Kazanorgsintez

Petrochemical enterprise. Shareholders (as of 30.06.2013): TAIF Group through Telecom-management LLC (53.7% of ordinary shares), Svyazinvestneftekhim OJSC, owned by Tatarstan (28.4% of ordinary shares). Financial indicators (IFRS, 2012): Revenue - 45.5 billion rubles, net profit - 3.2 billion rubles.

Yesterday, shareholders of Kazanorgsintez (part of the TAIF group) elected a new board of directors at an extraordinary general meeting, prematurely terminating the powers of the previous one.

The Board, which includes 11 directors, was left by the Chairman - General Director of OAO Taif Albert Shigabutdinov and his first deputy Rustem Sulteev. They were replaced by Taif managers: Head of the Petrochemical and Oil Refining Department Ruslan Shamgunov and Deputy Head of the Production and Commercial Department Albert Sulteev. Shigabutdinov was replaced as Chairman by his eldest son - 37-year-old Ruslan, who was a member of the previous Board of Directors, he is also Deputy General Director of OAO Taif, overseeing corporate property management and investment issues.

Shigabutdinov Sr. did not explain the meaning of the changes to journalists; he only promised to tell everything "later", in October, and added that the reshuffles are connected with the further development of Kazanorgsintez and the Taif Group, as well as the solution of the tasks set by Tatarstan President Rustam Minnikhanov. The top manager denied rumors that he was leaving Taif.

According to Shigabutdinov, by 2020, Kazanorgsintez should more than double its output of finished products (to 120-130 billion rubles) and double its production capacity. He did not say what products would be used to achieve this effect, citing the commercial nature of the information. The company produces 1.5 million tons of products, mainly polyethylene and its derivatives. The implementation of the strategic development program of Kazanorgsintez will take place in two stages: the first with investments of 6 billion rubles has already begun, said the company's CEO Farid Minigulov. The second stage involves 60 billion rubles in investments, Shigabutdinov added.

Last year, the Stavrolen plant in Budyonnovsk (part of the Lukoil-Neftekhim group), which produces 70% of low-density polyethylene in Russia, was closed for reconstruction due to a fire. At that time, a deficit formed on the market and prices rose. Thanks to this, Kazanorgsintez increased its revenue under RAS by 8.4 billion to 45.4 billion rubles compared to 2011; net profit increased more than sevenfold to 3.2 billion rubles. Now Stavrolen is operating and Minigulov is concerned about the surplus on the polyethylene market and falling prices. However, he believes that the company will maintain last year's high sales level. Kazanorgsintez's revenue under RAS in the first half of the year increased by almost 6% to 23.5 billion rubles, net profit increased by almost 2% to 1.3 billion rubles (data from the report for the second quarter).

The son replaced the father