Russia approves $164bn chemicals expansion

21 November 2007 11:07  [Source: ICIS news]

MOSCOW (ICIS news)--The Russian government on Wednesday approved a roubles (Rb) 400bn ($164bn) blueprint for the development of the country’s chemical and petrochemical industries until 2015 that will boost production by up to 40%, it said.

 

The combined industries would account for 2.9% of the country’s gross domestic product (GDP) by 2015, almost double the 1.7% of GDP it accounted for in 2006, according to the blueprint.

 

The main objective of the programme was to make the sectors more competitive and all the necessary conditions for that development were now in place, said Russian Prime Minister Viktor Zubkov.

 

The cost of the programme would be met by the companies concerned, though the government pledged to invest (Rb) 3 billion in financing chemicals research projects as part of the expansion.

 

($1 = Rb24.4)

By: Sergei Blagov
+44 20 8652 3214

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly