The CEO of Rosneft, Igor Sechin, participated in the India Energy Week, a key forum in the South Asia dedicated to the energy security and ecological sustainability.
He thanked Union Minister Hardeep Singh Puri for the invitation. “I thank my friend Hardeep Singh Puri for extending me an invitation and am glad to welcome all the participants in this representative forum,” he said.
During the session with Ministers, he highlighted India’s position as a leader in the global economic growth and Russia’s achievements despite unprecedented sanctions and pressure.
“Indian economy is leading the world in terms of economic growth. According to the IMF’s latest calculations, India and its neighbors will account for half of global economic growth this year, with the U.S. and the Eurozone accounting for only 10%. India, having become the most populous country in the world, is turning into a leader of global economic dynamism, a leader demonstrating a rapid improvement in the lives of its citizens. A big country with a huge young ambitious population, where the most important thing is the dynamics,” said the CEO.
He also spoke about the destruction of the single energy market and the consequences of Europe’s rejection of Russian gas, resulting in increased prices and a drop in GDP. He also elaborated on the need for investment in the energy industry to meet growing demand and emphasized the importance of energy security in the global energy balance.
He added that Russia, in turn, was able to achieve a result more significant than many of the world’s leading economies in the face of unprecedented sanctions, pressure and confrontation with almost the entire Western world. The implementation of major economic programs has already become, irrespective of the situation developing around us, a great psychological victory. This will predetermine our successes in other spheres.
He further said, “Energy security has ceased to be global. Because of these actions, all the principles of market trading have been destroyed, market pricing, contract law have in fact been abolished, logistics chains built up for decades have been forcibly severed. A vivid illustration of the current situation is the blown–up Nord Stream, a pipeline laid on the bed of the Baltic Sea”.
“Look at the reformatting of the European gas market. At first, contrary to common sense, Europe was made to abandon long-term contracts and was requested to ensure switching over to spot pricing, which led to an unprecedented prices increase – mind you – before the well-known events in Ukraine, on the background of the forced green transition and underinvestment in conventional energy.