OREANDA-NEWS. The President of Russia believes that the production of petrochemicals in the next 5 years may be more promising than the production of oil. This topic was discussed at a meeting on the strategic development of the petrochemical industry.

The growth in demand for oil in the world in the next five years will not exceed 1%, and then will decline by 0.1% per year, said Russian President Vladimir Putin. And the average annual growth rate of world demand for petrochemical products will be about 4% per year.

Putin is confident that this is very promising. He noted that everyone present at the meeting understands this very well.

The Russian petrochemical industry has a huge growth potential both in the country and in the world. "Our manufacturers are able not only to meet domestic needs for high-quality products, but also to take a more significant position in the global market - for this we have all the opportunities," the president stressed.

Russian petrochemicals are growing rapidly, and the number of projects in this industry will continue to grow, "the dependence on imports is gradually decreasing."

Deputy Prime Minister of the Russian Federation Alexander Novak also said earlier that in the coming decades hydrocarbons will remain the dominant energy sources and it is important to ensure their use in the purest form possible, along with the use of new energy sources.