Russia eyes strong potential for petrochemical sector

Source: Xinhua| 2020-12-02 05:51:51|Editor: huaxia

MOSCOW, Dec. 1 (Xinhua) -- Russian President Vladimir Putin said Tuesday the country's petrochemical industry has the potential to meet both domestic demands and establish a strong presence on the global market.

"The petrochemical industry has shown good, confident results: new, modern production facilities are being launched, production volumes are increasing, and the dependence on imports is gradually decreasing," Putin said during an online meeting on the development of the industry.

He noted that the sector is very prospective, especially considering that the average annual growth rate of global demand for petrochemical products is slightly under four percent, offering a strong contrast to global oil demand that currently stands at only one percent and is expected to decrease.

The president positively assessed the recent work of the nation's new petrochemical complex in Western Siberia. The plant's production capacity is expected to reach two million tonnes. Enditem