Posted: 27.10.2022 15:06:00

Sechin named causes of global energy crisis

Tremendous underinvestment in the industry due to the irresponsible and adventurous policy of accelerated ‘green’ transition is a cause of the global energy crisis – as noted by Rosneft CEO Igor Sechin at the 15th Verona Eurasian Economic Forum

“The sources of the current artificially created energy crisis are rooted in tremendous underinvestment in the industry, one of the causes 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,” Mr. Sechin said.

According to Rosneft CEO, the policy of ‘green’ transition has nothing to do with solving climate problems, “At present, there are no technologies able to ensure a truly effective transition from traditional to low-carbon energy.”

Mr. Sechin emphasised that competition in the energy market is actually being cancelled in Europe, “Centralised procurement is another innovation of the European Union. Up to 15 percent of the gas purchased for storage in Europe is supposed to be bought and distributed through the European Central Point, which will independently decide who and under what conditions will have access to distribution of resources. Meanwhile, the European Commission believes the increase in gas prices has been caused by competition for suppliers. Until now, it was believed in the market economy that supplier competition and diversification of supply sources are the main tools for reducing prices," Rosneft CEO summed up.