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November 26, 2007
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Home / Issue Archive / 2007 / October #10 / Government Allocates Over 6 bln USD for Russian Petchem Development till 2015

№ 10 (October 2007)

Government Allocates Over 6 bln USD for Russian Petchem Development till 2015

The strategy of petrochemistry and chemistry development in Russia till 2015 will be approved in the 1st quarter of 2008

The strategy will be approved in the 1st quarter of 2008, as Viktor Zubkov, Russian Prime Minister, said during a working meeting with Vladimir Putin, the Russian President, in Kremlin.

“We had a live discussion of the strategy and in the first quarter of 2008 we’ll get back to this issue and approve the project”, said Zubkov. He commented that the development of chemistry and petrochemistry is “extremely important for the country”. The industry, according to Zubkov, comprises about 1,000 enterprises and 800,000 workers.

The cost of the project of the petrochemistry and chemistry development strategy is 4 trln rubles (over 164 bln USD) with the involvement of private investments. It is planned to allocate 170 bln rubles (over 6 bln USD) from the Investment fund.

Zubkov is convinced that "further implementation of the strategy will bring good results for the state”. He noted that chemical production is increasing, particularly the production of mineral fertilizers, “the overall efficiency of the work is increasing”.

As Viktor Khristenko, head of Ministry of Industry and Energy, said at a press conference, the Government of Russia approved the main provisions of the Russian chemistry and petrochemistry development strategy till 2015. 

According to his words, its objectives are a 3.4-fold increase of chemistry and petrochemistry production during 2008-2015, an increase of the share of chemical industry in the GDP of Russia from the current 1.7 percent to almost 3 percent.

Besides, another objective is to increase the depth of chemical raw materials processing. According to Khristenko, currently 70 percent of the chemical and petrochemical production is raw materials and semi-finished products for further processing. By 2015 this ratio is to change dramatically and 70 percent of the Russian chemical production will belong to deep processing products.

Khristenko said that the strategy is to be implemented, firstly, through large projects in basic chemistry. He reminded that two such projects were launched in the current year: the Nizhnekamsky chemical complex with total value of 130 bln rubles (16 bln are the assets of Investment fund) and Novomoskovsky complex with the value of 50 bln rubles (9 bln will be provided by the Investment fund). Khristenko noted that co-financing with the Investment fund assets will continue to be the main mode of supporting large projects.

According to Khristenko, in the coming years it is planned to construct 4 large gas and chemical complexes in Eastern Siberia and in the Far East: the Krasnoyarsk, Yakutsk, Irkutsk and Primorsky complexes. These complexes will be specialized in processing of gas produced in Eastern Siberia. 

Source: Prime-TASS

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