Igor Sechin describes the green transition as a new form of colonialism against developing countries

Green transition is a form of neo-colonialism against developing countries, said Rosneft's Chief Executive Officer, while delivering a keynote speech at the Energy Panel at the 27th St. Petersburg International Economic Forum.

“And for developing countries the situation evolves even more unacceptably, when under the pretext of "green transition" in practice we see the construction of "green" neo-colonialism being implemented”, said the head of the Company.

In expert estimates, within the period from 1990 to 2015 alone, the "resource drain" from developing countries to developed countries exceeded $240 trillion.
“Energy transition, i.e. the announced program of energy transition, is a powerful alias sanction barrier for 88% of the world's population, i.e. for all those who are not part of the "golden billion". These are essentially undeclared sanctions which are applied nonetheless”, Igor Sechin noted.

“The overall energy shortages which resulted from the energy transition and a wide range of direct sanctions and unfair competition has driven the market off balance”, the Rosneft’s head clarified by giving an example of sanctions imposed by the US against Venezuela, Iran and Russia. Sechin added that these sanctions have affected a total of nearly 18 million bpd of oil production and helped the US capture a significant share of the market. As a result, energy resources have turned into the principal export commodity of the US.

Igor Sechin reminded of other US methods applied after invasion into Iraq in 2003. Since then, that country's revenues from oil exports, which formed up to 95%
of its budget, have flowed to the US.  ”This provides the US administration with full control over Iraq's financial system”, the head of the Company noted.

As stated by the head of Rosneft, the White House is taking a different approach with regard to Russia: the US seeks to cut Russia’s oil revenues, in essence,
this means ouster of Russian oil maritime exports from the world market.

The Chief Executive Officer of Rosneft stated that unilateral actions of the US regulator lead to volatility and unpredictability of the energy market. In this situation, American companies have chosen the path of consolidation: the volume of transactions and acquisitions in the US oil and gas industry last year reached
200 billion dollars. At the same time, the goal is not to increase production, but the role of profit. “Over the past two years, the five largest Western oil and gas companies have spent a record $220 billion on payouts to their shareholders, which is 30 % more than their investments over the same period”, stated the head of Rosneft.

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Rosneft
June 8, 2024