MOSCOW, April 17 (RIA Novosti) - Leading Russian petrochemicals firm Nizhnekamskneftekhim (RTS ticker: NKNC) will invest $940 million in production development before 2010, the company's chief executive officer said Monday.
Speaking at a meeting with the economics ministry and the Russian Union of Industrialists and Entrepreneurs, Vladimir Busygin said the funds would go to expand production capacity and output, and increase the company's profitability.
Nizhnekamskneftekhim intends to raise profits to 15 billion rubles (about $541 mln) by 2010, compared to 6.4 bln rubles (about $231 mln) in 2005, while expanding commodity output to 66 bln rubles (about $2.4 bln), and increasing budget payments to 10 bln rubles (about $370 mln), the company said.
Located in the city of Nizhnekamsk in the Volga republic of Tatarstan, Nizhnekamskneftekhim is Russia's leading producer of synthetic rubber, and exports a wide range of petrochemical products. The company comprises a group of petrochemical enterprises.
