Russian government to promote petrochemical consolidation

Currently, Russian petrochemical industry is highly fragmented making them uneconomical. To counter this, the Russian government plans to encourage consolidation in the petrochemicals industry in a bid to become globally competitive. The need has been felt to develop the sector further, particularly downstream processing sector, to diversify the economy. Currently, Russia extracts 13% of the world's oil and produces only 2% of the world's petrochemicals.
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