Rosneft CEO Igor Sechin: “Europe has become the primary victim of American policy”

Head of Rosneft Igor Sechin.  Photo: Mikhail Klimentyev / Press Service of the President of the Russian Federation / TASS

Head of Rosneft Igor Sechin. Photo: Mikhail Klimentyev / Press Service of the President of the Russian Federation / TASS

The Verona Eurasian Economic Forum was held for 14 consecutive years, as it should be, in Verona, Italy. But this year, economists, ministers and top managers from countries that traditionally gather at this forum did not go to the homeland of Romeo and Juliet. The forum was moved to Baku. Including because of the geographical position of Azerbaijan, which is roughly located at the junction of Europe and Asia.

On the first day of the forum, October 27, the head of Rosneft, Igor Sechin, gave a bright speech at the session dedicated to the commodity markets. He spoke, as he was supposed to, about the problems of the West, the hardships and hardships of the West, and the unreasonable economic policy of the West. Here are some quotes.

“The crisis is going through the key sectors of the European industry: metallurgy, chemical, pulp and paper and agricultural industries. The potential reduction in output is estimated to range from 20-45% in the chemical industry to 30-60% in metallurgy. In Europe, 70% of nitrogen fertilizer production capacities have already been stopped, aluminum production has been reduced by 25%. Europe’s refusal of Russian energy supplies threatens from 6.5 to 11.5% of European GDP and about 16 million jobs.

“For the United States, the loss of hegemony – financial, military, political and economic – means for them the impossibility of reproducing themselves as a country, economy and political system.”

“Recently US President Biden said that America will continue to lead through diplomacy backed by the best fighting force in the world. The implementation of such a concept led to the fact that politics completely destroyed the economy. The energy market is the most striking illustration of this. The culminating sanctions pressure has now spilled over into subversive activities. There is no single energy market anymore, there are no rules.”

“It is amazing how quickly any absurd proposal thrown in by the American administration is being implemented. No sooner had Jennet Yellen, the US Secretary of the Treasury, thrown in the idea of ​​ceilings (the maximum price for Russian oil, – Ed.), than diligent European functionaries have already taken up its implementation.

“The European Commission is considering the issue of limiting gas prices depending on the level of relations with the supplier country.”

“Oil and gas will continue to be the world’s main sources of energy, reliably supplying 50% of global demand. Another 36% is coal.”

“Despite the bright statements of the board of directors of British Petrolium dated February 27 of this year about their intention to terminate their participation in the share capital of Rosneft, the company did not comply with this decision. And despite the rhetoric, it continues to be a shadow shareholder, not participating in management bodies, but retaining all rights to dividends. I take this opportunity to inform you that dividends for the second half of 2021 in the amount of $700 million have been transferred to the accounts opened for them. The successful implementation of joint projects continues. Despite the lack of financing from BP, Rosneft launched the Kharampur gas project on schedule, which allowed the company to increase production by 11 billion cubic meters per year.”

“The idea of ​​cutting Russia out of the world economy is absurd and illusory. The scale and role of the Russian economy in the global division of labor has traditionally been underestimated by the West. 2% of world GDP is a myth, if you count not at the exchange rate, but at PPP (purchasing power parity), then this is already 4-5%. The share of Russia in the supply of basic raw materials is up to 15%.

“The primary victim of American policy was Europe, which had lost its subjectivity, which lost the opportunity to diversify energy supplies.”

“The sources of the current artificially created energy crisis are not in the events in Ukraine and not in the pandemic, but in the colossal underinvestment in the industry, one of the reasons for which is the irresponsible and adventurous policy of accelerated green transition. And in further anti-Russian sanctions as a powerful additional catalyst for the energy crisis and inflation in general.”

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