Russian government approves measures for support of domestic petrochemical industry until 2030

16-Feb-12

The Russian government has approved a new set of measures for the support of the domestic petrochemical industry until 2030, as per europeanplasticsnews.com. The new measures involve development of the industry under the cluster concept, with particular attention on the increase of large-capacity petrochemical production and related processing industries. The petrochemical production clusters are expected to be concentrated in Western Siberia, the Volga region, the Caspian region, North West, Eastern Siberia and Far Eastern regions of the country. Projects started in five of the six clusters in 2011. According to the Russian Ministry of Energy these new modern capacities are expected to hike up volume of ethylene production in Russia by 2030 by 4.8 times. Concurrently, volume of production of petrochemical raw materials in Russia will more than double. More than half of all light hydrocarbons produced in Russia will be targeted for further petrochemical processing. In addition, by 2030, the domestic demand for petrochemical products is expected to grow by three times, mainly due to increasing demand from the construction, utilities and road-building industries.