Gazprom Neft – a division of Russian oil major Gazprom is in negotiations with another Russian petrochemical major, Sibur to set up a plant to produce terephthalic acid.
The terephthalic acid plant which will have a capacity of 350,000 tons per annum will be set up at the site of the Omsk refinery.
Terephthalic acid produced at the plant will be sold in the eastern European region and also to Russian producers of PET.
Gazprom holds the world's largest natural gas reserves. The Company's share in the global and Russian gas reserves makes up to 18 and 70 per cent respectively.
Sibur is a vertically integrated producer with its gas processing facilities providing feedstock for its petrochemical production.
Sibur produces 22% of Russia's propylene, 19% of its polypropylene, 16% of its polyethylene, 44% of its synthetic rubbers, and a considerable share of other petrochemical products.
Fibre2fashion News Desk - India
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