Russia is retaining its role as one of the leaders in the global energy sector and continues to strengthen its position in the global energy market, said Rosneft Chief Executive Officer Igor Sechin speaking on an Energy Panel at the 27th St. Petersburg International Economic Forum.  

“Despite the increasing sanctions pressure, Russia is retaining its role as one of the leaders in the global energy sector. Taking into account the influencing factors, Russia continues to realize its energy development potential and strengthen its position in the global energy market,” he noted.

Recently, the President of the Russian Federation Vladimir Vladimirovich Putin emphasized the importance of reorienting Russian exports to the fast growing APR markets.

Igor Sechin reminded that, the turnaround of Russian energy exports to Asia-Pacific markets began with the construction of the ESPO (East Siberia – Pacific Ocean trunk pipeline) and investments in India's oil and gas sector long before the European markets were closed to our country.   

“At the moment, the Asia-Pacific region accounts for more than 80% of Russian oil exports, and it is already evident that the reorientation of supplies has fully justified itself,” Igor Sechin noted.

Head of Rosneft specially mentioned the development of the Northern Sea Route project, a new transportation artery that will enable connecting the powerful resource base of the Russian North with the markets of developing countries.  

“This project will give energy consumers in Asia access to the richest resources of the Arctic shelf and Siberia. Let me remind you that 10% of the world's oil and 25% of its natural gas is produced in the Arctic as of today. At the same time, 80% of the global Arctic oil and gas reserves are concentrated in the Russian Arctic,” Sechin summarized.

Information & Advertising Department
Rosneft
June 8, 2024