Current State and Strategy of the Russian Petrochemical Complex Development

Abstract

The problems of the Russian petrochemical complex development become particularly crucial when viewed as a part of the strategic objectives aimed at innovative development in the country. Aim. This study aims to analyze the current state of the petrochemical complex to assess the efficiency of its development and implementation of strategic objectives within the framework of the Strategy for the Petrochemical Complex Development until 2030. Tasks. This study analyzes the development of the country’s major production facilities, identifies the main problems in the petrochemical complex development amid financial instability, and estimates the competitiveness of the Russian complex compared to international competitors. Results. The research focuses on the long-term development of the Russian petrochemical complex. Russian petrochemical enterprises have long been in need of re-equipment of their production plants because nearly half of their machinery is obsolete. This study examines the dynamics of increased investments in the Russian petrochemical industry from 1990 to 2014. An analysis of the competitiveness of the petrochemical industry reveals an increase in production in the petrochemical industry in 2013 despite unfavorable economic conditions. The plastic industry shows the most rapid growth.