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Sibur expects LPG oversupply on Russian market to persist over long run

The market value of LPG has remained at all-time low levels since the beginning of this year in Russia

MOSCOW, March 14. /TASS/. Sibur believes that the situation with liquefied petroleum gas (LPG) oversupply on the domestic market will persist in the long run, Member of the Management Board, Executive Director Oleg Makarov said in an interview with TASS.

"I don’t think that (the situation) will be resolved, with even restrictions on Russia’s oil production unlikely to seriously affect the factor. As usual, the demand will rise in the summer, though overall I expect domestic supply to remain more than sufficient," he said.

LPG supply glut appeared due to a plunge in Russian exports, from 3.5 mln tons in 2021 to 3.1 mln tons in 2022, Makarov said, adding that European sanctions forced Russian suppliers to quit markets traditional for them and redirect PLG deliveries, which substantially complicated the supply logistics.

As a result the supply of liquefied petroleum gas increased on the domestic market, while local commodity exchange prices for those products went down, he explained.

The market value of LPG has remained at all-time low levels since the beginning of this year in Russia.

Sibur is the largest integrated petrochemicals company in Russia and one of the fastest-growing companies in the global petrochemicals industry. The company sells its petrochemical products on the Russian and international markets in two business segments: Olefins & Polyolefins (polypropylene, polyethylene, BOPP films, etc.) and Plastics, Elastomers & Intermediates (synthetic rubbers, EPS, PET, etc.).

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