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Igor Sechin Participates in III Eurasian Forum for the Innovation and Internationalization

23 October 2014

On October 23, 2014 Rosneft Head Igor Sechin participated in the opening ceremony of the III Eurasian Forum For Innovation and Internationalization in Verona, Italy.

The Innovation and Internationalization Forum is one of the most distinguished business events hosted by Italy, and a key venue for the development of dialog between Europe and Asia.

In his presentation, Igor Sechin spoke about the state of the global economy, global energy sector realities and prospects, and the Russian-European cooperation.

Igor Sechin said that the oil price volatility which, he believes, inflicts a major damage to the global economy, is caused by the inconsistency of existing regulatory mechanisms that fail to make the market sufficiently transparent. "Our task is to assist as much as possible to increasing market transparency, developing the exchange-based trading system, further developing of long-term relations, including asset swaps and long-term contracts," said Rosneft Head. Igor Sechin believes that in order to avoid market manipulations, a wider use of contract currency diversification should be implemented.

Rosneft Head also noted that the Russian oil industry is one of the key drivers behind the global economic growth for quite a range of reasons which, more specifically, include the demand for high-tech products and given the challenges arising as oil production shifts to ever more harsh oil production environments from both a geological and climate perspective. Future stability of both the industry and the global economy as a whole, according to Igor Sechin, lies in the abidance of contract-based system and an independent system of international arbitration which should be immune to transitory political trends.

"In a turbulent political, macroeconomic and market environment, we need to look beyond the 10-20 year time-frame, we need to see in it that there is no alternative to international division of labor, constructive and mutually beneficial cooperation and interaction. Those who act contrary to unprejudiced laws of economy, do so to the detriment of the market, that is, to their own detriment, among others. These people fail to perceive the consequences of such conduct," Igor Sechin said.

In his presentation, Rosneft Head expressed condolences on the tragic death of Christophe de Margerie whom Igor Sechin called a talented executive, a wonderful person and a big friend of his.

Notes for Editors:

The Eurasian Forum for Innovation and Internationalization is held in Verona for the third consecutive year and is the successor to the Russo-Italian Forum founded in 2008 by the Explore Eurasia Association and Intesa Sanpaolo bank. The forum today provides a landmark not only for the Russian-Italian economic relations the volume of which reached EUR 30 billion in 2013, significantly affecting Italy's overall trading profits, but for the entire Eurasian zone which, with the help of the Customs Union among Russia, Belarus and Kazakhstan, may provide a market for Italian products by the end of 2015 with a capacity of up to EUR 34 billion.

Rosneft actively cooperates with Italian companies. The Company supplies oil and oil products to its Italian partners. Rosneft develops cooperation with Italian companies in relation to Russian offshore developments: ENI is a key partner for the Company participating, pursuant to an agreement signed in 2012, in offshore projects in the Black and Barents Seas.

In addition, cooperation with Italian companies in the oil refining area is progressing at a rapid pace; in particular, in 2013, Rosneft acquired 20.99% in Saras, whose core oil refining asset is the Sarroch refinery, one of the largest and most sophisticated refineries in the Mediterranean.

Rosneft also cooperates with Italian companies in the area of marketing and sales – in 2013, Rosneft and Pirelli opened the first Pirelly-branded tire center within the Rosneft retail network perimeter in Sochi. Jointly with another Italian partner Autogrill, 7 A-Café cafeteria were opened at Rosneft retail sites in Sochi. At present, opportunities for enhanced cooperation at Rosneft retail sites in Moscow and Moscow region, St.Petersburg and Sochi are being considered.

Cooperation in the gas production and trading area is progressing, too. In November 2013, Rosneft signed a Memorandum of Understanding with Enel, intended to promote cooperation in the international hydrocarbons exploration, production and transportation sector.

Rosneft Information Division
Tel.: +7 (499) 517-88-97
October 23, 2014