Process industries often have features that differ from other businesses, such as round‐the‐clock production and costly and specialized production processes—features that have not been dealt with in the project management literature. We highlight and identify the complexity of R&D projects in the Swedish process industry and its interrelated process development and product development activities based on results from interviews and a case study. The different competence areas in which a project manager must integrate and manage R&D projects is illustrated. We conclude that a project manager needs both production and product‐related competence, including customers' processes.