Putin commits to Russian petrochemical development

ITAR-TASS: MOSCOW, RUSSIA. SEPTEMBER 9, 2010. Russian PM Vladimir Putin (C) at a session of the Russian government s presidium. (Photo ITAR-TASS/ Maxim Shemetov) Photo via Newscom

Russian prime minister, Vladimir Putin, pledged yesterday to speed up development of the country’s petrochemical sector by removing barriers to new project development.

ICIS news reports Putin said the authorities should remove “all administrative and infrastructure barriers” that hinder development of the petrochemical industry, speaking to 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.

It certainly looks like Russia’s chemical sector is on the move at last. There were many years of grand announcements of projects which never came to fruition, held back by lack of finance or corporate inertia.

Now companies such as Sibur are forging ahead with a raft of projects which will transform production by boosting capacity and allowing for the closure of old Soviet-era plant.

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