Russia pledges to develop petrochemical sector

13 September 2010 19:49  [Source: ICIS news]

MOSCOW (ICIS)--The Russian government reiterated on Monday pledges to speed up development of the country's petrochemical sector.

The authorities should remove "all administrative and infrastructure barriers" that hinder development of the petrochemical industry, Prime Minister Vladimir Putin told a top-level meeting in the Nizhny Novgorod region on Monday.

The Russian Energy Ministry must simplify procedures to approve new petrochemical projects, he said in televised remarks. Putin also suggested the creation of a national centre that would develop new chemical technologies.

The Russian chemical and petrochemical sectors included some 800 plants and employed more than 700,000 people, accounting for some 10% of the country's total industrial output and about 5% of export revenues, the government estimated.

In 2006, the Russian government drafted a blueprint entitled "A strategy to develop Russian chemical and petrochemical industries until 2015."

The document envisaged significant increases in Russia's chemical and petrochemical output. For example, mineral fertiliser production would rise to 21m tonnes/year by 2015 or by 26% from 2005.

Implementation of the blueprint would have required some $64bn (€51bn) in investments. However, the Russian government never approved the draft.

($1 = €0.79)

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By: Sergei Blagov
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