Russia's privately held Sibur petrochemical company on Tuesday began construction on one of the world's largest polymer-producing plants in the country's far east, targeting the broader Asian markets, it said in a statement.

Russian energy companies, led by Sibur, have been increasingly shifting their focus to petrochemicals in a drive to capitalise on the fast-growing sector and offset the volatile market for crude oil exports.

The Asian giant accounts for more than 30% of global polyethylene demand and imports nearly half of its PE supplies from the Middle East, South Korea,Southeast Asia and the United States, according to IHS Markit.

The Amur Gas Chemical Complex, with investments of up to $11 billion, is set to start producing 2.3 million tonnes of polyethylene and 400,000 tonnes of polypropylene per year beginning in 2024-2025.

Sibur said earlier this month it could turn to Russia's National Wealth Fund to help finance the Amur Gas Chemical Complex.

Russian gas giant Gazprom will supply the plant with liquefied petroleum gas (LPG) and ethane as the feedstock for production of polymers.