Russia embarks on petchems push
Moscow sets ambitious targets to capitalise on feedstock abundance
Russia has lagged behind other oil and gas producers in developing its petrochemical industry, despite its formidable oil and gas resources, commanding only a 1pc share of global petchems supply. This is set to change, though, as Russia's largest firms prepare to launch a raft of new projects over the next few years, aiming to capitalise on the sector's projected rapid demand growth. Eager to provide the economy with a greater downstream hedge against volatile crude and gas prices, Moscow is also planning new measures to spur development, with a target of doubling production to around 20mn t/yr by 2030. The centre piece in Russia's petchems drive is ZapSibNefteKhim, a $9.5bn project slated t
Also in this section
18 December 2024
The energy transition will not succeed without a reliable baseload, but the world risks a shortfall unless more money goes into gas
18 December 2024
The December/January issue of Petroleum Economist is out now!
17 December 2024
Structurally lower GDP growth and the need for a different economic model will contribute to a significant slowdown
17 December 2024
Policymakers and stakeholders must work together to develop a stable and predictable fiscal regime that prioritises the country’s energy security and economy
