Category: Russia

Source: Rosneft – An important disclaimer is at the bottom of this article.

Russia, Venezuela and Iran are key players in the energy market and global energy security directly depends on their supply, Rosneft CEO Igor Sechin said at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.

“Russia, Venezuela and Iran are key players in the energy market, and global energy security directly depends on their supply. These countries account for one-third of the global liquid hydrocarbons reserves and 15% of the global production. Without their resource base, it is impossible to facilitate the transition to the new landscape of the global energy industry,” the CEO said. 

At the same time, according to Sechin, Russia’s real contribution to the Global Economy is proportional to its share in the global resource balance. 

“Our country’s share in global hydrocarbon exports is about 15%. However, the Russian resource base is not only hydrocarbons, but also metals. Russia’s share in gold mining is about 10%, and in the mining of such metals as high-grade nickel and palladium it reaches 20% and 40% respectively,” the CEO said.

Rosneft CEO also noted that Russia has about 10% of the world’s reserves of rare-earth metals, without which it is impossible to develop modern technologies.

Department of Information and Advertising
Rosneft Oil Company
June 21, 2025

Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

Source: Rosneft – An important disclaimer is at the bottom of this article.

The European Union seeks to increase the efficiency of oil purchases from Russia when it tries to push the reduction of the price cap on Russian oil, Rosneft CEO Igor Sechin said at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.

During his keynote speech, the Company’s CEO noted that the European Union continues to attempt forcing down the price cap on Russian oil to $45 per barrel.

“I believe that the real purpose of this is the EU’s desire to increase the efficiency of its purchasing from Russia, not to reduce Russian budget revenues, as was publicly declared. Figures confirm this: according to Western experts, since the beginning of 2023, Europe has purchased more than 20 billion euros worth of Russian oil, thus becoming the fourth largest buyer,” Sechin said.

However, he believes it is obvious that the U.S. will not agree to lower the price ceiling because it would negatively affect the profitability of U.S. oil exports.

The CEO of Rosneft separately noted the situation in Saudi Arabia, saying that imports of Russian dark oil products after the start of sanctions restrictions allow the kingdom to effectively meet the feedstock needs of its energy industry without affecting oil exports. The volume of fuel oil and vacuum gasoil supplied to the country from Russia over the past 12 months is more than six times higher than four years ago.

According to Sechin, Indian refiners are using a similar approach today. India, the second-largest buyer of Russian oil, has nearly doubled its exports of oil products to Europe over the past three years.

“Many producing countries need an oil price much higher than current levels to balance their budgets. Thus, according to IMF calculations, in 2025 this price is more than $90 per barrel for Saudi Arabia’s budget,” Sechin summarized.

Department of Information and Advertising
Rosneft Oil Company
June 21, 2025

Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

Source: Rosneft – An important disclaimer is at the bottom of this article.

Rosneft CEO Igor Sechin called decision by OPEC+ to forcefully increase oil production justified and far-sighted.

During his keynote speech at the Energy Panel of the XXVIII St. Petersburg International Economic Forum, Sechin noted that the announced increase in production since May this year is three times higher than the alliance’s original plan. In addition, the entire OPEC+ production increase could be pushed back a year ahead of plan.

“The decision of OPEC leaders to boost production appears today a very forward-looking and, a justified one from the market standpoint, given the consumers’ interest in light of uncertainty pertaining to the scope of the Iran-Israel conflict,” the CEO said.

At the same time, Sechin noted, “Despite the announced production growth, there can be no question of an oil excess in the market in the long run” as “world oil reserves are now at their lowest levels in five years”.

“Low oil prices suit consumers in the US, where the inflation-adjusted price of gasoline has already returned to 2019 levels. It is no coincidence that this is happening against the backdrop of the White House’s intensified Middle East policy and the conclusion of a number of agreements with key countries in the region”, – said the CEO of Rosneft.

Department of Information and Advertising
Rosneft Oil Company
June 21, 2025

Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

Source: Rosneft – An important disclaimer is at the bottom of this article.

US oil production at current prices has probably reached its peak, Rosneft CEO Igor Sechin said at the Energy Panel of the XXVIII St. Petersburg International Economic Forum.

Delivering a keynote speech, the CEO called the energy policy initially announced by the new US administration promising. However, most of these goals have not yet been achieved: tariff wars have led to a drop in oil prices, while taxes for the oil industry remain at the same level and interest rates have not been reduced. Given this backdrop, the number of active drilling rigs has fallen 9% to 439 over the past two months and oil production growth has stalled. In less than a year, the U.S. Department of Energy has lowered its forecast for U.S. oil production by the end of 2025 by 400 thousand barrels per day.

“At current prices, the USA oil production appears to have peaked,” Sechin said, noting that Diamondback Energy and ConocoPhillips recently voiced this opinion. And Liberty Energy, an oilfield services company founded by U.S. Energy Secretary Chris Wright, expects a significant slowdown in drilling activity in the second half of this year, which should lead to a reduction in the U.S. drilling fleet by about 10% more. “Not surprisingly, against this backdrop, many shale players have already started cutting investments,” said Rosneft’s CEO.

He noted that the sharp drop in oil prices this year has already led to a revision of investment plans. According to the IEA’s latest estimate, this year, for the first time in five years, global investments in oil exploration and production will drop by 6%, while in the U.S. the drop will amount to about 10%.  “I think this is just the beginning,” the CEO of Rosneft remarked.

“The new head of the US Treasury Department, Scott Bessent, has repeatedly stated that the success of Trump’s second presidential term requires oil production growth in the US in the amount of three million barrels per day. This is part of a so-called “3-3-3 Plan” which also envisages cutting the US budget deficit down to 3% of GDP and reaching 3% of GDP increase,” Igor Sechin reminded.

The CEO of the Company also asks the question, what difference does it make for the US market where these barrels will come from? “Quite possibly, those may be barrels produced in OPEC+ countries. Since late last year the alliance has consistently reiterated the need to ramp up production due to changes in consumption,” Sechin said.

The CEO also noted that in addition to the interest of states, the interests of shareholders should be taken into account. Low oil prices in the current period do not allow many companies to maintain the same level of dividend payments and share buybacks, said the CEO of Rosneft. According to Rystad Energy experts, which Sechin cited, if the oil majors maintain their payments to shareholders, they will have to almost completely abandon investments or significantly increase their debt as early as this year.

“The fall in prices has already started to affect the major players. BP and Chevron will reduce share buybacks by almost 60% and 30%, respectively , while Aramco has to build up debt to be able to pay dividends,” the CEO said.

Department of Information and Advertising
Rosneft Oil Company
June 21, 2025

Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

Source: Rosneft – An important disclaimer is at the bottom of this article.

Lifting subsidies for green energy in the US shows that this country, unlike the European Union, is returning to a pragmatic policy, said Igor Sechin, Chief Executive Officer of Rosneft.

The Company’s CEO noted that in the US, where electricity consumption has returned to growth after a decade of stagnation, the new administration is already revising its energy strategy in favor of traditional sources. For example, President Trump recently signed a series of executive orders aimed at revitalizing the coal industry. Simultaneously with regulations’ mitigation, the US Department of Energy has raised its forecast for US coal production this year by 6%.

“The lifting of “green energy” subsidies in the US shows that unlike the European Union this country is coming back to a pragmatic policy. This has already led to the fact that the cost of electricity in Europe today is 5 times higher than in the US,” the CEO of Rosneft said at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.

Department of Information and Advertising
Rosneft Oil Company
June 21, 2025

Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

Source: Rosneft – An important disclaimer is at the bottom of this article.

Rosneft and the Ministry of Industry and Trade of the Russian Federation signed a Cooperation Agreement at the XXVIII St. Petersburg International Economic Forum.

The document was signed by Rosneft CEO Igor Sechin and the Minister of Industry and Trade of the Russian Federation Anton Alikhanov.

The Agreement expands the scope of cooperation between the Company and the Ministry and provides for implementation of joint initiatives to develop industrial infrastructure in Russia, including through localization and import substitution of foreign technologies and equipment.

Under the Agreement, the parties will develop cooperation with the aim to support the export of industrial products, provide access to the markets of goods and services, and to carry out foreign trade activities.

Department of Information and Advertising
Rosneft Oil Company
June 20, 2025

These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not reflect the position of MIL-OSI or its clients.

Source: Rosneft – An important disclaimer is at the bottom of this article.

At the XXVIII St. Petersburg International Economic Forum, Rosneft concluded a trilateral agreement of cooperation in HR training with Management Development Institute (Gurgaon, Republic of India) and St. Petersburg State University (St. Petersburg State University).

The document was signed by Igor Sechin, Chief Executive Officer of Rosneft, Nikolai Kropachev, Rector of St. Petersburg State University, and Professor Arvind Sakhai, Director of the Management Development Institute.

The agreement provides for training Rosneft employees on joint programs of the St. Petersburg State University Graduate School of Management and the Gurgaon Management Development Institute, as well as exchanging knowledge and experience in the area of technology development in the oil and gas sector, improving the efficiency of operational management, logistics, artificial intelligence and digitalization, etc.

Besides, there will be visits to Indian companies organized for the Company employees as part of joint educational programs to study current practices in the oil and gas sector.

The implementation of this Agreement will facilitate developing a long-term mutually beneficial partnership between Rosneft, St. Petersburg State University and the Gurgaon Institute of Management Development, as well as addressing complex business objectives of the Company.

Department of Information and Advertising
Rosneft Oil Company
June 20, 2025

These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not reflect the position of MIL-OSI or its clients.

Source: Rosneft – An important disclaimer is at the bottom of this article.

At the XXVIII St. Petersburg International Economic Forum, Rosneft and the Federal Service for Supervision of Natural Resources (Rosprirodnadzor) signed a cooperation agreement, which provides for consulting and expert support by the Service to the Company in the implementation of its investment projects.

The agreement was signed by Igor Sechin, Chief Executive Officer of Rosneft, and Svetlana Radionova, Head of the Federal Service for Supervision of Natural Resources.

The agreement will ensure timely compliance with the requirements of ecological safety and environmental protection while implementing investment projects at the stages of design, upgrade, reconstruction and commissioning preparation.

An important area of work will be joint elaboration of proposals to improve Russian legislation in the area of environmental protection activities.

The agreement envisages organizing joint events, such as scientific and practical seminars, creating working groups, as well as arranging advisory and working meetings.

Department of Information and Advertising
Rosneft Oil Company
June 20, 2025

These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not reflect the position of MIL-OSI or its clients.

Source: Rosneft – An important disclaimer is at the bottom of this article.

At the XXVIII St. Petersburg International Economic Forum, Rosneft and the Ministry of Transport of the Russian Federation signed an Agreement on Cooperation in development of transport infrastructure facilities.

The document was signed by Rosneft CEO Igor Sechin and Russian Minister of Transport Roman Starovoyt.

As part of the cooperation, the parties will focus on the construction and modernization of transport infrastructure facilities, and the development of international transport corridors.

Improving the quality of road service on federal highways, enhancing services for road users, and introducing advanced materials and technologies in road activities will be important areas.  

Particular attention shall be given to fulfilling government objectives, including the effective implementation of instructions of the Russian President and the RF Government in the area of transport industry and road infrastructure development.

The signing of the Agreement shows the commitment of Rosneft to development of the country’s transportation infrastructure.

Department of Information and Advertising
Rosneft Oil Company
June 20, 2025

These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not reflect the position of MIL-OSI or its clients.

Source: Rosneft – An important disclaimer is at the bottom of this article.

At the XXVIII St. Petersburg International Economic Forum, Rosneft and the Federal Agency for State Property Management (Rosimushchestvo) signed an agreement of cooperation in the area of improving corporate management standards in government-sponsored enterprises.

The document was signed by Igor Sechin, Chief Executive Officer of Rosneft, and Vadim Yakovenko, Head of the Federal Agency for State Property Management.

In furtherance of the agreement, the parties will co-work on improving the standards and methodological base of corporate management, as well as analyze best practices in this area in government-sponsored enterprises.

The document provides for cooperation in developing information exchange through modern IT systems, joint practical seminars and conferences.

Department of Information and Advertising
Rosneft Oil Company
June 20, 2025

These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not reflect the position of MIL-OSI or its clients.