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Oil products demand expected to decline — Russian businessman

Mikhail Gutseriev added that the future of oil will transform into chemical production

MINERALNYE VODY, May 26. /TASS/. The demand for oil and oil products will decline, Russian businessman Mikhail Gutseriev said at the plenary session of the Caucasus Investment Forum.

"We are building a refinery, we are close to completion and already think about large-scale chemical facilities because we understand the decline of the demand for oil products will start soon, in the near future," the businessman said.

"We understand the future of oil will transform into chemical production because the demand for it will drop and electric power will be the basis of the economy of our country," he added.