Russia is hoping to become a petrochemicals powerhouse, according to a report published by Reuters. Currently, per Reuters, the country accounts for just one percent of global petrochemical output, ranked behind the US, Europe, Thailand, Taiwan, Brazil, Iran and China, according to data from EY consultancy.

However, privately owned Sibur is in the process of constructing a mega plant – which when finished – will count among the world’s five largest. Fellow Russian companies Gazprom and Rosneft have also revealed plans to invest in petrochemical plants in the near future.

“We see quite a huge potential for growth of the Russian market,” Dmitry Konov, Head of Sibur, told Reuters.

Demand for petrochemicals is expected to grow as emerging economies mature and thus consume more goods such as cosmetics and personal care products, paints and furnishings.