OREANDA-NEWS. February 11, 2009. In 2008 SIBUR, Russia’s leading petrochemical company, increased production by 7% to 14,791 thousand tons of petrochemical products, compared to 13,883 in 2007. Production of dry stripped gas in 2008 increased 17% to 13,306 million cu m from 11,416 million cu m in 2007.

SIBUR retains leading positions in the petrochemical domestic market with regard to basic product types. The highest growth (23%) was recorded in the mineral fertilizer production segment. The 13% decrease in rubber production was due to a drop in demand in export markets, primarily from China.

SIBUR will continue to monitor the market situation and respond appropriately.

"In view of the significant deterioration of the pricing environment and a drop in demand for the Company's products in the second half of 2008, we anticipate a decrease in utilization levels in the current year”, SIBUR President Dmitry Konov said. “The Company will continue its large-scale cost reduction programme in order to improve the performance of the Group and maintain its market share".