Board of Directors approved 2008 production program

Fri, 30 November 2007

Board of Directors of “Nizhnekamskneftekhim” INC held its regular session presided by A. Shigabutdinov, General Director PSC “TAIF”. For the current year 9 months, the commodity output amounted to RUR 39.9bn which is 14.7% higher as referenced to 9 months of the year 2006.

In comparable prices with regard to a relevant last year period, that constituted 104.3%. The Company arranges in time and in full for payments to the budgets of all levels. Board accepted the results of "Nizhnekamskneftekhim" INC operations over the current year 9 months and underlined their positive outcome.

Board approved a production program, finance and investment plans for the year 2008. A total volume of estimated proceeds will run to RUR 63.1bn. Board members reviewed the documents prepared by Management, relating to the Company's long-term development program considerations.

Board approved a Corporate Conduct Code, Statute of Internal Control Department, "Nizhnekamskneftekhim" INC Information Policy Regulations. The session also discussed some issues of "Nizhnekamskneftekhim" INC financial and economic activity.