Sibur launches LPG, oil products export project

25 May 2010 11:52  [Source: ICIS news]

MOSCOW (ICIS news)--Russia's petrochemical company Sibur has started constructing a new port to export liquefied petroleum gas (LPG) and light oil products to Western Europe, the company said on Tuesday.

Sibur's subsidiary Sibur-Portenergo is constructing the export port terminal in Ust-Luga in the Leningrad region of North-Western Russia, the company said in a statement.

The new port facilities will have the capacity to export 1.5m tonnes/year of LPG and 2.5m tonnes/year of light oil products, it said.

The construction of the sea terminal would raise Sibur's capability to export to Western European markets, Sibur added.

In 2009, Sibur produced 3.35m tonnes of LPG, representing a 7.3% increase year-on-year, according to the company.

In June 2007 Sibur acquired a 100% stake in Russia's Portenergo, an operator of the LPG export terminal.

Portenergo previously planned to start building the terminal in 2008 and complete the first stage of the project by 2010. However, only in January Sibur announced that the Russian government had approved its Ust-Luga project.

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