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Historically, the development of oil refining industry in Tatarstan was determined by its economic efficiency.

Possessing huge reserves of hydrocarbon feedstock, the Republic - a leader in oil production in the USSR – for half a century supplied feedstock to other regions of the Union and abroad.

The lack of crucial processing facilities impacted the regional economy in general and, as a consequence, the development of the entire country.

In order to address this, TAIF PSC established its branch TAIF-NK in the Nizhnekamsk industrial hub in 1997 (in 1998 - CJSC TAIF-NK , reorganized into PSC1 in 2006), that developed intensive work on design and construction of an oil refining complex.

On the basis of a rented Crude Oil Distillation Unit CDU/VDU-7, in a short time TAIF PSC further modernized the production facilities at its own expense and later purchased the Plant.

At the end of April 2021, the two largest oil and gas chemical companies in Russia - Sibur and TAIF - announced a merger. Under the terms of the agreement, a company will be created on the basis of Sibur Holding PJSC.

On 24 September 2021, SIBUR and TAIF entered into an agreement finalising the creation of a combined entity that will leverage the facilities of PJSC SIBUR Holding and create the largest petrochemical company in Russia and one of the biggest in the world.