State regulation measures and existing state strategy for the development of petrochemical industry in Russia

Abstract

Development of petrochemical industry, in particular the increase in the efficiency and quality of refined products, necessitates high long-term capital expenditures from oil companies. Today the process of petrochemical industry modernization is facing certain difficulties, which include lack of high-quality modern technologies and engineering, instability of tax policy, lack of qualified personnel, underfunding of projects, low profitability of oil refineries, high dependence on imports of the industry, etc. Complexity of the domestic petrochemical industry development underpins its support from the state. Currently, the development of petrochemical industry is enshrined in three state program documents. These documents include general scheme for the development of oil industry for the period up to 2020, the plan for the development of gas and petrochemicals in Russia for the period up to 2030 and the strategy for the development of chemical and petrochemical complex for the period of up to 2030. This article examines state regulation measures and existing state strategy for the development of petrochemical industry in Russia, as well as the impact and consequences of this regulation reflected on the activities of corporations.