The Russian Federation has every opportunity to increase its share in the global petrochemical market up to 6-7%

Russia has every opportunity to increase its share in the global oil and gas chemistry market to 6-7%, Deputy Prime Minister Alexander Novak said. 

On Friday, Novak took part in the launch of the construction of a complex of “Gazprom” and “RusGazDobycha” for the processing of ethane-containing gas in the Ust-Luga region.

“Today, the construction of the largest complex for the processing of ethane-containing raw materials and the production of LNG will begin. I want to say that this is one of the largest complexes to be built in the world, a plant will be built to process about 45 billion cubic meters of gas and produce large-scale polymers, 3 million tons of polyethylene, as well as about 13 million tons of LNG, “Novak said during the ceremony.

“Today, these are very promising markets all over the world, and Russia will be able to take a leading role here. We have every opportunity to increase our share in the LNG market up to 15-20% in the world markets, and in the oil and gas chemistry market up to 6% -7% of the global markets, these are significant figures,” he stressed.
Earlier, Novak reported that at present the share of Russia in the world oil and gas chemical market is about 2.5%. 

Caspian Barrel