OREANDA-NEWS. Amid falling demand for oil, the Russian petrochemical industry has “enormous potential for growth,” Russian President Vladimir Putin said. He called for more active promotion of domestic products not only within the country, but abroad too.

The demand for oil in the world in the next five years will grow by just 1 %, after which it will begin to decline by 0.1 % per year. This is a forecast of Putin, which he voiced at a meeting on the development of the oil and gas industry of the Russian Federation. The event was broadcast on the television channel Russia 24.

The meeting was attended by the heads of Russia’s largest oil companies: Vagit Alekperov (President of Lukoil), Alexander Dyukov (General Director of Gazprom Neft), Nail Maganov (General Director of Tatneft), and Igor Sechin (Chairman of the Board of Rosneft).