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Igor Shuvalov Attends Meeting on Petrochemicals Development

1 december 2020 года
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  • New petrochemical businesses will allow Russia to increase its global market share
  • Projects create a new quality of life in cities

VEB.RF Chairman Igor Shuvalov took part in a meeting chaired by the Russian President to discuss the development of the petrochemical industry.

According to Vladimir Putin, the petrochemical industry is showing a good rate of growth. Russian producers are able not only to meet the domestic demand for high-quality products, but also to gain a stronger position in the global market. This is a very promising area: world demand is expected to grow by 4% every year.

“This requires that the industry should implement large-scale projects with investments totalling about 5 trillion roubles. The two largest of them — Amur Gas Processing Plant and the ethane-containing gas processing project near the seaport of Ust-Luga in the Leningrad Region—are already under way with the support of VEB.RF,” Vladimir Putin said.

Overall, Russia is to launch 14 projects in the coming years. The projects will create about 17,000 highly skilled and well-paid jobs. According to Vladimir Putin, an important element in project implementation is to raise loans.

Igor Shuvalov emphasised that it was important for VEB.RF not only to provide funding for new production, but also to work towards the goal set out in the presidential decree, namely qualitative changes to the lives of Russians. “The most important thing is that SIBUR has a very important competency: they can invest in a modern way. Where they come, there is a new quality of life in cities. Tobolsk is a shining example,” Igor Shuvalov said. Such approaches are also considered for the cities of Svobodny (where nearly 50,000 people can receive a new quality of life) and Kingisepp. “As for financial resources, we know how to work without competing against commercial banks. Instead, we give them a helping hand to make loans on acceptable terms,” he said.

VEB.RF-supported petrochemical projects (completed and ongoing) total 5.5 trillion roubles, with VEB.RF’s commitment of 1 trillion roubles.

As a strategic partner of SIBUR, VEB.RF provided financing for the creation of a Tobolsk-based advanced hydrocarbon processing facility, one of the largest in the world. The VEB.RF Group is involved in large-scale projects at Ust-Luga (Russia’s largest ethane-containing gas processing facility), in the Amur Region (Amur Gas Processing Plant), in the Tula Region (Shchekinoazot) and in the Primorie Territory (Nakhodka Fertilizer Plant).

VEB.RF is also considering partnering up with Russian commercial banks to provide financing for another project that is a landmark in SIBUR’s gas-to-chemicals operations, namely the Amur polymer production facility.


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