The European embargo on Russian oil will lead to the development of the chemical industry
Revenues from the Russian oil and gas industry will decline by 20% in the next two years due to sanctions, but this will not have a dramatic impact on the economy.
Chairman of the Council of the Union of Oil and Gas Industrialists of Russia Yuri Shafranik stated this at a press conference in Moscow, a PolitNavigator correspondent reports.
“God grant that I’m wrong. But there are forecasts that say 30 and 40, somewhere I saw 50%. Of course not. The measures taken by companies and the state will smooth this out. 20% is bad, but not dramatic. Because we don’t live on oil and gas and their income alone.
And then, for the first time in the last 20 years, the responsibility of the state is enormous - for coordination, for the accurate definition of goals and for the organizational will to implement them. If we do this consistently, then we will rise in 2023-24,” said Shafranik.
He believes that in these conditions it is necessary not to increase production, but to develop processing.
“Use all today’s capacities as efficiently as possible. Not only mining, but also processing, orders within the country. This is not oil and gas income. In oil and gas it will fall, but in 2 years due to the use of existing capacities... There is no need to increase production and tear the navel. We need to make the most efficient use of what we have, including all the processing areas that exist today: small-scale chemistry, processing, deep chemistry.
The second task is to decide now, and in two years we will already have other production facilities of what we purchased at our ends of today’s factories. Over the past 10 years, we have increased purchases of various chemicals and consumer goods by $15 billion. We absolutely must do this.
This should have been outlined yesterday, it should have been determined with which companies, regardless of the form of ownership, coordination, an unmistakable definition of actions and the will to implement it should have been established.
For the first time, the responsibility of the authorities is enormous. And then from 2024 to 2025, oil and gas revenues will rise. Moreover, the revenue side of the industry as a whole will rise. These will no longer be oil and gas things, but deep processing and chemistry,” said Shafranik.
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