With economic recovery, investments in Russia's petrochem industry rise up to US$3 bln pa

Russia sees investment in the petrochemicals industry rise up to US$3 billion a year as the industry recovers from the economic crisis, as reported in Reuters. Currently, Russia is the world's top oil producer with a 13% share of the global oil output, but it accounts for only 2% of petrochemical production. The country is looking to raise its share through a combination of protectionist measures and state funding. Energy Minister has said the government wants the petrochemical industry to become the fifth-largest sector in Russia in terms of its contribution to the gross domestic product. He promised more state guarantees on loans for petrochemical companies. The country’s largest bank, state-controlled Sberbank has issued a 26 bln rouble (US$841.4 mln) loan to petrochemical company Kazanorgsintez. Earlier this year, state development bank VEB has decided to provide US$1.4 bln long-term credit to a unit of petrochemicals company Sibur for construction of a polypropylene plant with an annual capacity of 500,000 tons in the Siberian city of Tobolsk.
  More News  Post Your Comment
{{comment.Name}} made a post.




There are no comments to display. Be the first one to comment!


Name Required.


Email Id Required.

Email Id Not Valid.


Mobile Required.

Email ID and Mobile Number are kept private and will not be shown publicly.

Message Required.

Click to Change image  Refresh Captcha
Lohia tape stretching line

Lohia tape stretching line