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

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