Natalya SPIRIDONOVA, "ViD"
In the middle of the last year "Nizhnekamskneftekhim"
turned out on the edge of bankruptcy: payables exceeded
total value of the fixed assets. In that situation the government
of Russian Federation made advances to the petrochemical
giant and restructured its debts to the republican budget
in the amount of 290 million rubles for 5 years.
In the beginning of February "Nizhnekamskneftekhim"
was the first of Tatarstan enterprises that managed also
to agree the restructuring of its debts in the amount of
250 million rubles to the federal budget for the period
of 10 years. Principle debts are planned to be covered during
first six years, penalties and fines - during next four
years.
Due to the restructuring the financial and
economic status of "Nizhnekamskneftekhim" became much better,
said Vladimir Busygin, General Director of "Nizhnekamskneftekhim",
in his conversation with "ViD" reporter.
- Currently we are making payments to the
budgets of all levels as well as to the budget funds. We
have settled current payments with gas and power companies.
Last year we reduced our debts to these companies by 200
million rubles.
- "Nizhnekamskneftekhim" owes 296 million
rubles to "Tatneft" and, according to the opinion of its
general director, its just a one month lag in the payments
for direct flow petrol. Now petrochemists are paying to
the oil companies with cash. The volumes of oil delivery
to "Nizhnekamskneftekhim" are also defined. This year the
volume will be 5,6 million, the rest will be covered with
the direct flow petrol from Ufa oil processing plants.
This year "Nizhnekamskneftekhim" is not only
planning to repay debts but also to continue its efforts
on technical reconstruction of production both using its
own funds and attracted loans.
"Nizhnekamskneftekhim" has already repaid
collateral invoice for the target loan in the amount of
115 million dollars received in 1997 from Citibank against
a guarantee of Eхimbank of USA for the period of 11 years.
This loan was aimed at the purchase of equipment and the
equipment is being already delivered to the enterprise.
"Nizhnekamskneftekhim" took a 20 million-dollar
loan from Sberbank for the reconstruction of the ethylene
plant. The first tranche in the amount of 5 million has
been already received by petrochemists.
At the end of the last year "Nizhnekamskneftekhim"
and "Ak Bars" Bank signed a General Agreement on the cooperation
for the period up to 2004.
- We are going to attract the money of "Ak
Bars" Bank, and the Agreement provides for the investments
in the amount of 100 million dollars for several projects,
mainly for the reconstruction of ethylene-450 plant. Due
to this reconstruction we are planning to increase the output
of the plant from 410 to 500 thousand tons of ethylene per
year, - emphasized Vladimir Busygin.
