2 Jun 2022 16:32

Tatneft withdraws from capital of Nizhnekamskshina

MOSCOW. June 2 (Interfax) - Tatneft has withdrawn from the charter capital of Nizhnekamskshina , the oil company said in a statement.

Earlier, Tatneft signed an agreement to sell its tire business in Russia to JSC Tatneftekhiminvest-Holding.

These are the shares of Tatneft Group in MC Tatneft-Neftekhim LLC, Nizhnekamsk Truck Tire Plant LLC and Trade House Kama LCC, as well as shares in PJSC Nizhnekamskshina, JSC Nizhnekamsk Mechanical Plant and JSC Yarpolimermash-Tatneft. The companies where Tatneft is mentioned in the name are to be renamed following the close of the transaction.

"Amid significant changes in the economic situation, including those caused by geopolitical processes, the sale of the tire business will allow Tatneft Group to concentrate on key strategic projects," the company said.

Cooperation with tire companies in Russia, including in supply of raw materials, will continue on a commercial basis, taking into account earlier commitments. The sale of tire business will not lead to any personnel changes or reduction of social and other obligations to the employees of tire complex, the statement said.

Tatneft's project on creation of tire production in Kazakhstan was not included into the transaction with Tatneftekhiminvest-holding, the oil company told Interfax.

The Tatneft complex of tire production enterprises operates under the Kama Tyres brand. It includes the tire manufacturing plants Nizhnekamskshina (passenger and light truck tires, industrial tires), Nizhnekamsk Truck Tire Plant (combined and full steel-cord truck tires, agricultural tires), KamaTyresKZ LLP, as well as service enterprises and Trade House Kama LLC, which sells tires and supplies materials and raw materials to Tatneft tire plants.

JSC Tatneftekhiminvest-holding coordinates the activity of enterprises of the oil and gas chemical complex in Tatarstan. According to the list of the company's affiliates as of December 31, 2021, 48.972% in the charter capital of the holding is owned by JSC Svyazinvestneftekhim, whose sole shareholder is Tatarstan. The boards of Tatneft, Tatneftekhiminvest-holding and Svyazinvestneftekhim are headed by Rustam Minnikhanov, head of Tatarstan.