Rustam Minnikhanov: “Huge domestic market is the main advantage of Russian petrochemical industry”

On May 29, at a plenary session of 6th International forum “Big chemistry” in Ufa, Tatarstan President Rustam Minnikhanov said that the state has to facilitate active development of domestic petrochemical market as one of competitive advantages of Russian petrochemical enterprises.

A professional dialogue between leading chemical, petrochemical, gas and oil companies, federal and regional authorities is established within the framework of “Big chemistry” forum.

Suggestions made at the forum help making up the development strategy of Russian oil, gas and chemical industry, and adoption of innovative technologies. Every year 600 people take part in the forum, among them are specialists of the industry and representatives of big companies, heads of regions and official delegations and companies from far and near abroad.

This year the forum is dedicated to prospects of Russian oil and gas domestic market. Tatarstan President Rustam Minnikhanov made report on the issue.

“It is a very topical issue for Russian petrochemical industry. During St. Petersburg Economic Forum Vladimir Putin drew attention to import substitution issues,” Rustam Minnikhanov said.

Tatarstan President noted that due to high demand for petrochemical produce, considerable increase in output and investment in modernization and creation of new facilities, petrochemistry can become new driving force of Russian economy.

“Russia’s domestic market is huge. It is the main advantage of Russian petrochemical industry. However, Russia lacks behind Western countries by the amount of consumed petrochemical produce. Our country may become one of leading petrochemical countries in the world. Russia is the world leader in oil production, and the second in gas production,” Rustam Minnikhanov said.

Tatarstan President believes that the current level of consumption of petrochemical products is defined by the level of consuming industries, therefore, development potential of petrochemical industry depends on stimulating of consuming industries.

“In our country the petrochemical domestic market considerably depends on import, it has become even more obvious especially when Russia entered the WTO,” Rustam Minnikhanov continued.

The share of Tatarstan enterprises in petrochemical market is big by many factors. A number of programmes on developing the use of petrochemical products in the sphere of construction, road construction, and support of small petrochemical enterprises are implemented in Tatarstan.

Speaking about successful development of domestic market, Rustam Minnikhanov mentioned stable provision of major enterprises with raw materials.

“I think that Russian Government should encourage awarding the status of priority investment projects to projects realized in the sphere of petrochemistry and oil processing. I believe that petrochemistry is the industry, which guarantees maximum effect for related sectors,” Rustam Minnikhanov summarized.