MOSCOW, March 13. /TASS/. Sibur is going to scale investments up in 2024 to 346 bln rubles ($3.8 bln) against 225 bln rubles ($2.5 bln) a year earlier, the Russian petrochemical company told reporters.

Sibur continued implementation of its investment projects in 2023 and the total budget of the projects portfolio at the execute stage is over 1.7 trillion rubles ($18.6 bln). The company kept petrochemical and gas chemical product output flat in annual terms in 2023, Sibur CEO Mikhail Karisalov said.

About 75% of supplies from this volume were for the market of Russia and CIS - 5.9 mln metric tons. Shipments to Asia-Pacific and Middle East countries amounted to 1.8 mln metric tons and 0.3 mln metric tons were shipped to other countries. About 30% of company’s exports were shipped to China, totaling about 8% of product sales.

"Our capacity utilization overall is at the level of 98.7-99%. Dynamics varies depending on stages. It is much better in the said gas processing: huge supplies of associated petroleum gas and gas fractionation capacity is maximized," Karisalov said. Plastics, organic synthesis and small-capacity chemicals production facilities are almost 100% utilized.