SIBUR posts 7% increase in 2008 petrochem production; low demand projected for 2009

Russian petrochemical giant, SIBUR recently announced that the company reported a 7% increase in the production of petrochemical products to 14.79 mln tons in 2008 as compared to 13.88 mln tons in 2007. Production of dry stripped gas in 2008 increased 17% to 13,306 mln cu.m. as against 11,416 mln cu.m. in 2007. The company reported a 5% spike in production of monomers, liquid and monomer-containing hydrocarbon fractions to 2.16 mln tons in 2008 compared to 2.06 mln tons in 2007. SIBUR witnessed a growth of 7% in production of polymers to 0.54 mln tons in 2008 against 0.50 mln tons. The highest growth of 23% was recorded in the mineral fertilizer production segment while its rubber production saw 13% decrease due to a drop in demand in export markets, primarily from China. Analyzing the dramatic decline in pricing for the latter half of 2008, SIBUR is expecting a decline in utilization levels for 2009. The company also stated that it will keep an eye on the market situation and respond appropriately. "In view of the significant deterioration of the pricing environment and a drop in demand for the Company's products in the second half of 2008, we anticipate a decrease in utilization levels in the current year", SIBUR President Dmitry Konov said. "The Company will continue its large-scale cost reduction programme in order to improve the performance of the Group and maintain its market share."
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