Russia's Ministry of Energy has announced plans to increase the country's annual production of ethylene to 14.2 million tons by 2030, many times higher than the country's ethylene production of 2.4 million tons in 2010.
According to the details of the development plan finalized for the petrochemical industry, Russia's share in world monomer production would increase from 1.6 percent in 2010 to 5.6 percent in 2030.
The plan says more than 60 percent of light hydrocarbons would undergo deep processing within the country by 2030, compared to 30.8 percent in 2010.
The Ministry statement said the existing chemical production facilities have reached their maximum output levels and hence to meet further domestic requirements it is essential to increase chemical production capacities.
The statement also said that Russia's polymer production has risen at a pace faster than the country's GDP during the last three years and the current production capacities have achieved their maximum output potential.
The finalized plan aims to achieve the set targets by setting up six petrochemical hubs across Russia. These hubs will come up one each in the Volga region, the northwestern region, the Far East, West Siberia, the Caspian region and East Siberia, the Ministry said.
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