Rosneft: ensuring stability in the energy markets

Baku, October 28 (IANS) On October 27, Rosneft’s Chief Executive Officer, Igor Sechin, presented a keynote speech during the Special Session “Reliable Energy and Global Energy Transition” at the XV Eurasian Economic Forum in Baku, Azerbaijan.

According to the director of Rosneft, politics has had too much influence on the economy lately, and the energy market is a striking example of this. There is no longer an internal energy market and there are no rules.

Volatility has crossed the limit over the past decade.

In his speech, Sechin said it was not the events in Ukraine or the pandemic that contributed to the current energy crisis, but the massive underinvestment in industry caused by the irresponsible policies of an accelerated “green” transition.

The anti-Russian sanctions further exacerbate the energy crisis and inflation.

He also pointed to significant underinvestment in the sector.

According to Sechin, oil and gas remain one of the world’s most important energy sources, supplying more than 50 percent of global demand. Over the past seven years, massive investments in renewable energy have surpassed the incredible $2.6 trillion. In the same period, less than three percentage points were won with renewable energy.

The acute shortage of energy resources and the rejection of Russian hydrocarbons have dissolved inflationary spirals worldwide.

At the same time, Russia cannot be so “excluded” from the global economy. The share of the world’s largest country in the supply of basic raw materials is 15 percent.

In 2021 alone, Russia’s oil exports to India and China exceeded 80 million tons. Thanks to improved infrastructure and the development of unique projects such as Vostok Oil, Russia could help meet the growing needs of the Southeast Asian, Indian and Chinese markets.

The massive project is expected to reduce price volatility and ensure long-term stability of the oil market.

Rosneft, for its part, is committed to building mutually beneficial partnerships throughout the supply chain, from manufacturing to selling fuel to end users.

The establishment of new global centers was also one of the highlights of the Forum. There will be a decisive phase in history related to the development of cross-border corridors, the implementation of major infrastructure and joint industrial projects, and the increasing role of regions in the global economy.

It is critical for participants in these processes to initiate economic interaction quickly, and one of the main priorities will be the organization of settlements. This makes Eurasia a new growth zone.

–IANS

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