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Rosneft expects faster growth of global demand for petrochemical products - CEO

Russia’s oil major Rosneft plans to reach production costs at the level of Saudi Aramco in the long term, Igor Sechin said

MOSCOW, June 27. /TASS/. Russia’s oil major Rosneft expects that global demand for petrochemical products will grow faster than the consumption, therefore petrochemicals have a special role to the developed strategy of Rosneft-2022, according to the company’s CEO Igor Sechin article published in Izvestia.

"The new strategy of the company should help making our asset portfolio sustainable in any scenario with oil prices and under any tax regulation. Petrochemicals have a special role. We expect that global demand for petrochemical products will grow faster than GDP growth and consumption of oil products. This would create additional prospects for this area of ··our business," Sechin said.

Russia’s oil major Rosneft plans to reach production costs at the level of Saudi Aramco in the long term.

"We expect that implementation of the Rosneft 2022 strategy will increase capitalization by 25-30%, and. And, as I have already mentioned, 500 mln tonnes of additional production over 20 years against our current plans. However, the most important thing is a significant increase in efficiency. We set the company's goal to achieve long-term production cost at the level of Saudi Aramco," Sechin said.

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