Page 101 - RusRPTJul23

When the company’s flagship Amur gas chemical plant becomes operational, India could potentially become one of Sibur's target markets, Lyakhovich stated.
Currently, Sibur's facilities are located in western Russia, which makes India a less accessible market. Nevertheless, the company closely monitors the Indian market and is actively working on establishing new routes to India. Once the Amur gas chemical plant is launched, it will enable Sibur to reach India from the east, making it a viable target market.
Lyakhovich expressed optimism that Sibur's share in China's polymer imports could increase from the current 2-3% once the Amur facility begins operations.
The Amur gas chemical plant, scheduled to start operating in 2024-2025, will have a production capacity of 2.7mn tonnes of polymers annually. This includes 2.3mn tonnes of polyethylene and 400,000 tonnes of polypropylene.
Regarding logistics, Lyakhovich highlighted Sibur's interest in northern and partially western Africa, but clarified that the company is less focused on the eastern part of the continent. Additionally, Sibur faces intense competition from the United Arab Emirates in the African market.
Lyakhovich also expressed confidence that Russia's share of the global polyethylene and polypropylene market could double from the current 2.4% to 5% by 2030, indicating potential growth opportunities for the company in the coming years.
Andrei Kostin, the CEO of state-controlled VTB, Russia's second largest bank, said the crisis was ushering in sweeping changes to the world economy, undermining globalisation just as China was taking on the mantle of a top global economic power. "The long historical era of the dominance of the American dollar is coming to an end," Kostin, 66, told Reuters on the 59th floor of the gleaming VTB skyscraper overlooking southern Moscow. "I think that the time has come when China will gradually remove currency restrictions."
Russian individuals' savings in the Chinese yuan are set to increase significantly, reaching CNY88bn ($12.3bn) this year, according to Anatoly Pechatnikov, Deputy CEO of VTB Bank, spaeaking at St Petersburg International Economic Forum (SPIEF) on June 14.
Pechatnikov highlighted the growing popularity of the yuan as a viable alternative to the dollar and the euro. Pechatnikov said that the portfolio of yuan-denominated retail savings held by Russian banks is expected to double, with the Chinese currency accounting for a quarter of customers' currency savings. By the end of 2024, the yuan's share is projected to exceed 45%.
101 RUSSIA Country Report July 2023 www.intellinews.com