Russian petrochemicals output grew at a faster rate than industrial growth in 2017. Russian chemicals output grew 4.3% in 2017, largely due to growth in fertilizer, according to Rosstat data. Ethylene output rose 2.5% to 2.86mn tonnes, benzene grew 4.2% to 1.36mn tonnes, caustic soda was up 6.1% to 1.24mn tonnes and mineral fertilizer production grew 8.2% to 22.52mn tonnes. In contrast, industrial growth was just 1.8%. Higher oil prices are spurring the domestic economy following several years of stagnation, but this trend has also hiked naphtha prices and raised the cost of production at a time when markets have been limited by US and EU sanctions.

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