Sibur expects petrochemical market to grow in 2021-2022 despite coronavirus threat

TASS Russian News Agency | Sep 6, 2021 at 9:29 PM

VLADIVOSTOK, September 6. /TASS/. Sibur expects petrochemical segment of the market to grow in the in 2021-2022, despite the threat of new strains of coronavirus, Pavel Lyakhovich, a member of the board and managing director of Sibur, told TASS in an interview at the Sixth Eastern Economic Forum.

This growth will have a positive impact on the company, he added.

"Of course, limitations are possible, because the coronavirus is still there and it is constantly mutating. Unfortunately, it moves between borders rather quickly and, of course, the influence of the coronavirus and its new strains can be felt in all segments. As usual, making forecasts is not a very rewarding business. But if there are not any collapses, in 2021-2022 we will see the growth in the segment, which is good news," the managing director of Sibur said.

For the Russian petrochemical industry, 2020 turned out to be even better than the previous year thanks to the commissioning of new capacities. Thus, the growth in the volume of chemical production in Russia in 2020 was 7%, and in the first half of 2021 - 8%, Lyakhovich noted.

"It is not only [the growth in] production, but also in consumption that we observe, especially in 2021, we note a very serious growth in the consumption of petrochemical products. <...> Therefore, there are more optimistic positive figures in Russia in comparison with the rest of the world," Lyakhovich added.

Meanwhile, the automotive industry and construction in the world continue to recover in 2021-2022, which also inspires optimism, the top manager of Sibur said.