Russia chemical markets on road to recovery

Russia’s economy and chemical industry were hit hard by the downturn, as oil and gas prices plummeted, the main generator of wealth for this country. Oil prices, though faltering slightly at present, have recovered well and with it the economy.

Figures I’ve obtained from Andrew Sparshott at consultancy Cirec show much basic chemical production for products such as ethylene, benzene and styrene picked up in the first five months of this year compared to 2009.

Russia’s chemical industry has undergone some modernisation but requires substantial further investment to show its true potential. With such vast quantities of natural gas and oil the country should be one of the world’s major exporters of polymers and chemicals. At present it imports a lot and only exports in substantial quantities when its domestic market is sufferering.

Russian Chem Production

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