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Follow on Google News | Market Report, "Russia Petrochemicals Report Q4 2010", publishedRecently published research from Business Monitor International, "Russia Petrochemicals Report Q4 2010", is now available at Fast Market Research
The Russian petrochemicals industry is staging a recovery, with results in H110 looking promising. Reports indicate that polymers have followed the broad economic trend with PE, PP, PVC and PS rising 25%, 21%, 16% and 21% y-o-y respectively. Ethylene was up by around 22%. However, declines were reported in the fertilizer and fibre segments, indicating that there were some sustained weaknesses. Overall Russian chemicals output was up around 10% y-o-y in H110, according to BMI estimates, close to the global average. However, the pace of growth is set to decline in H210 owing to reduced base effects and the end of restocking by buyers, leading to lower growth of around 6-7%, an upward revision from the 3.4% we previously forecast. One key factor holding back the petrochemicals sector is lagging domestic demand, with the feed-through effects from the bounce in the oil export sector to domestic demand taking time to have an effect. Latest growth data for retail sales and industrial production highlight the dichotomy between the performance of sectors directly linked to oil and those reliant upon domestic demand. The Russian automotive sector, a key consumer of plastics, has been particularly affected is still suffering from the effects of the country's deep recession, though there are signs that recovery is within grasp. The construction industry as a whole will not recover as robustly as the car industry, because the steep decline in residential and commercial construction will weigh on the sector for longer. Moreover, problems of lacklustre Asian demand and weakening competitiveness due to the expected appreciation of the rouble will be compounded by the increase of substantial new low-cost capacity currently coming onstream in Asia and the Middle East. In a sign that confidence is returning to the sector, Russian petrochemicals producers are pressing ahead with investments that were delayed by the recession. In Q210, Gazprom, Sibur and Dow Chemical signed an agreement reviving plans for a joint petrochemical complex. The complex would use mixed feedstock and produce both ethylene and propylene in a world scale cracker with capacity for about 1mn tpa ethylene. In previous plans announced by the three partners in December 2007, the complex would come onstream by around 2015. Other revived projects are beginning construction. In July 2010, RusVinyl, in which Sibur has a stake, began construction of a PVC complex at Kstovo, Nizhnii Novgorod region. Costing EUR800mn (US$983mn), it will be Russia's largest fully integrated PVC plant and is set to be operational in 2013, delayed by up to two years due to the late revival of the Russian construction sector. In 2014, we envisage ethylene capacities totalling 4.22mn tpa, representing a compound annual growth rate (CAGR) in capacity of 6.4%. We previously envisaged capacity growth lagging behind domestic needs, based on petrochemicals demand exceeding GDP growth rates of 6-8%. The impact of the recession, which led to a 10% decline in plastics production to around 4mn tonnes in 2009, combined with average GDP growth rates of around 4% over the next five years, means that overall capacity should rise broadly in line with demand trends. However, some segments will see little or no movement, notably styrenics and some intermediates such as EO/EG and ethylbenzene. Based on current plans, PE and PP capacities are set to rise by 77% and 150% respectively, while ethylene and propylene capacities should grow by 36% and 50% respectively. For more information or to purchase this report, go to: - http://www.fastmr.com/ Partial Table of Contents: Executive Summary - Russia Chemicals And Petrochemicals Industry SWOT - Russia Political SWOT - Russia Economic SWOT - Russia Business Environment SWOT Global Overview - Petrochemicals Market Overview - Table: World Ethylene Production By Country, 2009 And 2014 ('000 tonnes capacity) - Financial Results - Table: Financial Results Of Major Petrochemicals Companies, 2009 - Global Oil Products Price Outlook - Table: Oil Product Price Assumptions, Q409-Q410 (US$/bbl) - Table: Oil Product Price Data And Forecasts, 2007-2014 (US$/bbl) European Petrochemicals Overview - Table: Financial Results Of European Petrochemicals Producers, Q110 (EURmn) Russia Market Overview - Petrochemicals Trade - Market Structure - Table: Russia's Cracker Capacity, 2009-2015 ('000 tpa) - Foreign Investment Business Environment - Petrochemicals Business Environment Ratings - Table: Central And Eastern Europe Petrochemicals Business Environment Ratings - Russia's Foreign Investment Policy - Foreign Trade Regime - Tariffs/Non- - Tax Regime Industry Trends And Developments - Upstream - Olefins And Aromatics - Polymers - Financial Results And Developments Industry Forecast Scenario - Table: Russia's Petrochemicals Sector, 2007-2014 - Macroeconomic Outlook - Table: Russia - Economic Activity, 2008-2014 Company Monitor - Lukoil - Nizhnekamskneftekhim (NKNK) - Salavatnefteorgsintez - Sibur Holding Country Snapshot: Russia Demographic Data - Section 1: Population - Table: Demographic Indicators, 2005-2030 - Table: Rural/Urban Breakdown, 2005-2030 - Section 2: Education And Healthcare - Table: Education, 2002-2005 - Table: Vital Statistics, 2005-2030 - Full Table of Contents is available at: -- http://www.fastmr.com/ About Business Monitor International Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports.View more research from Business Monitor International at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. # # # Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. End
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