APIC ’12: Russia has potential to be major player in petchems

17 May 2012 06:14  [Source: ICIS news]

KUALA LUMPUR (ICIS)--Russia has the potential to become a major operator in the global petrochemical industry with its significant competitive advantage in feedstocks, senior director at information provider IHS Chemical, John Bonarius, said on Thursday.

He added that despite still being small players in the industry, Russian companies are being supported by the government and are in a better position to add value to their businesses.

 “The CIS [Commonwealth of Independent States] region benefits from some of the largest proven hydrocarbon reserves anywhere on the planet and is a major supplier of crude oil, refined products and natural gas to international markets,” Bonarius said.

“Following more than 20 years of decline, the Russian government has in recent years begun to express an interest in petrochemicals, and plans are emerging for the development of six clusters across the country which will increase olefin capacity over the next 15 years or so,” he added.

Bonarius was speaking at the 34th annual Asia Petrochemicals Industry Conference (APIC) being held in Kuala Lumpur on 17-18 May.

By: Franco Capaldo
+44 (0)20 8652 3214

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