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PM approves development plan for Russia’s petrochemical sector till 2030

The plan is aimed at boosting the domestic demand for products of Russia’s chemical and petrochemical industry

© AP Photo/Jae C. Hong

MOSCOW, May 24. /TASS/. Russian Prime Minister Dmitry Medvedev has approved the development plan for the country’s chemical and petrochemical industry till 2030, according to the respective document published on the government’s website Tuesday.

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"The plan stipulates technical upgrade and modernization of existing chemical and petrochemical production facilities in the period from 2016 to 2030. Also, new cost effective, resource-and energy-saving and environmentally-friendly facilities will be set up," the document says.

The plan is aimed at boosting the domestic demand for products of Russia’s chemical and petrochemical industry.

The government plans to amend the rules regulating provision of subsidies from the federal budget to local chemical enterprises in a move to partially compensate expenditures on payment of loan interest.

The strategy is also aimed at reducing the dependency of the Russian economy on imported products of chemical and petrochemical industry and increasing the domestic demand for locally-made products.

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