Russian chemical companies to increase production in 2003

The Industry, Science and Technologies Ministry of Russia estimates that the volume of production by companies of the Russian chemical industry will grow by 4% in 2003 compared to that of 2002, the ministry's press service reported. In the ministry's opinion, in order to maintain stable growth in this industry, it is necessary to reduce production costs and power consumption, as well as to resolve the problem of dumping.

The volume of production in Russia's chemical industry grew by 1.6% in 2002 compared to that of 2001. A substantial proportion of the industry's products is exported. The amount of investments from all sources of financing rose by 3% in 2002 compared to that of 2001.

There are 700 large and medium-size industrial companies in the chemical industry and over 100 research centers, design offices and experimental plants. This industry produces about 5% of Russia's industrial products and receives 5.6% of the total sum of export revenues to Russia. The state sector in this industry is represented by 52 companies, including three companies in which the government holds over 51% of the shares.