Russia's leading petrochemicals company Sibur said the launch of a new Baltic Sea terminal, which is key for it plans to boost liquefied petroleum gas (LPG) exports, has been delayed to the third quarter of 2013.
Sibur, which accounted for a third of some 10 million tonnes Russia produced last year, is building a petrochemical terminal in the Baltic port of Ust Luga as it wants to increase exports amid growing demand abroad.
In April, the port's director general told Reuters that Sibur would launch the facility in 2012 but the plans were moved back.
"The (terminal) will be finished in 2012, while the facility is set to be commissioned in the third quarter of 2013, according to schedule," Sibur's Chief Executive Dmitry Konov told a news conference on Wednesday.
It was not immediately clear why the terminal launch was delayed. Earlier this year, oil trader Gunvor postponed the launch of Russia's largest oil product outlet, also in Ust Luga.
Trade sources said the trader needed more time to complete construction of a power station due to prolonged bureaucratic procedures and faced delays getting clearance from the coast guard.
The Sibur terminal's annual exporting capacity is seen at 1.5 million tones of LPG and 2.5 million tonnes of light oil products, such as gasoline.
In 2009, Sibur exported 1.1 million tonnes of LPG, mainly by rail, almost half the country's total.
LPG, used to fuel cars and heat homes, includes propane and butane. Prices of these have soared, especially in Europe in the fourth quarter, due to very cold weather and an overall rise in demand for petrochemical feedstocks.
A source at Russia's Energy Ministry told Reuters this week that Russia's LPG exports would rise by an estimated 15 percent this year, while output was set to increase by 5 percent. Konov said Sibur was aiming to take up a leading position among European polymers producers.
The company said it may borrow up to $1 billion on international markets between 2011 and 2013 to finance its ambitious expansion plans.
"We favour a five-year Eurobond," said Alexei Filippovsky, vice president for economics and finance. He added that Sibur would look to raise between $500 million and $1 billion.
To ramp up the output volumes, Sibur, which also produces tyres and fertilizers, has set aside 60 billion roubles ($1.95 billion) of investments for this year. In 2011, the investment programme will be increased to 70 billion roubles.
Sibur, which accounted for a third of some 10 million tonnes Russia produced last year, is building a petrochemical terminal in the Baltic port of Ust Luga as it wants to increase exports amid growing demand abroad.
In April, the port's director general told Reuters that Sibur would launch the facility in 2012 but the plans were moved back.
"The (terminal) will be finished in 2012, while the facility is set to be commissioned in the third quarter of 2013, according to schedule," Sibur's Chief Executive Dmitry Konov told a news conference on Wednesday.
It was not immediately clear why the terminal launch was delayed. Earlier this year, oil trader Gunvor postponed the launch of Russia's largest oil product outlet, also in Ust Luga.
Trade sources said the trader needed more time to complete construction of a power station due to prolonged bureaucratic procedures and faced delays getting clearance from the coast guard.
The Sibur terminal's annual exporting capacity is seen at 1.5 million tones of LPG and 2.5 million tonnes of light oil products, such as gasoline.
In 2009, Sibur exported 1.1 million tonnes of LPG, mainly by rail, almost half the country's total.
LPG, used to fuel cars and heat homes, includes propane and butane. Prices of these have soared, especially in Europe in the fourth quarter, due to very cold weather and an overall rise in demand for petrochemical feedstocks.
A source at Russia's Energy Ministry told Reuters this week that Russia's LPG exports would rise by an estimated 15 percent this year, while output was set to increase by 5 percent. Konov said Sibur was aiming to take up a leading position among European polymers producers.
The company said it may borrow up to $1 billion on international markets between 2011 and 2013 to finance its ambitious expansion plans.
"We favour a five-year Eurobond," said Alexei Filippovsky, vice president for economics and finance. He added that Sibur would look to raise between $500 million and $1 billion.
To ramp up the output volumes, Sibur, which also produces tyres and fertilizers, has set aside 60 billion roubles ($1.95 billion) of investments for this year. In 2011, the investment programme will be increased to 70 billion roubles.