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According to European Plastics News, ukrainian billionaire Dmitry Firtash considering investing more than €1.7-2bn in the country’s petrochemical business over the next 7-8 years.

Firtash says the money will go towards increasing production methyl, propylene, ethylene, polystyrene, caprolactam and chemical fibres at DF Holding. DF Holding is a financial conglomerate, owned by Firtash, which includes companies such as Rivneazot, Styrene and Azot.

Firtash has also not ruled out the possibility acquiring new petrochemical facilities in Ukraine and abroad.

According to the businessman, there is a lot of potential in developing the Ukraininan petrochemical business because production in recently declined, making the country dependent on imports from Russia and Germany.

In the early stages, the companies will focus on supplying the domestic markets.

Eugene Gerden (European Plastics News)

22 May 2012