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Igor Sechin participates in the meeting of the Prime Minister of India Narendra Modi with the leaders of the energy industry

20 October 2021

Rosneft Chief Executive Officer Igor Sechin took part in an online meeting of Indian Prime Minister Narendra Modi with the heads of world oil and gas companies.

The event was also attended by Hardeep Puri, Minister of Petroleum and Natural Gas, Minister of Housing and Urban Affairs of India; Mohammad Sanusi Barkindo, Secretary General of OPEC; Fatih Birol, Executive Director of the International Energy Agency; Bernard Looney, Chief Executive Officer of BP; Amin Nasser, President and CEO of Saudi Aramco; Peter Clark, Senior Vice President of ExxonMobil; Shrikant Madhav Vaidya, Chairman of Indian Oil Corporation; Olivier Le Puech, Chief Executive Officer of Schlumberger; Arun Kumar Singh, Chairman of Bharat Petroleum; Simon Flowers, Chairman and Chief Analyst of Wood Mackenzie; Daniel Yergin, Vice Chairman of IHS Markit, as well as other representatives of the world's leading energy companies and the expert community.

In his welcoming speech, Igor Sechin spoke about the joint projects of the Company with Indian partners and the prospects for further work. “We are confident in the long-term potential of the Indian market and therefore acquired a stake in Nayara Energy in 2017. This transaction remains the largest foreign direct investment in your country's oil and gas sector. We are expanding our investments in the Indian economy by increasing the network of filling stations to 6,300 stations, a large-scale program for the development of petrochemical production has been launched with investments of about $750 million at the stage that is being implemented now, ”he said.

According to Sechin, leading oil and gas companies in India - ONGC, Indian Oil, Oil India, Bharat Petroresources - are actively investing in the largest Russian projects of Rosneft, such as Vankorneft, Taas-Yuryakh, Sakhalin-1. "At the same time, there are new projects, such as the flagship project of Rosneft with a carbon footprint 75% lower than any other large oil greenfield projects in the world," added the head of Rosneft.

During his speech, Igor Sechin also noted the increased importance of long-term contracts. This is confirmed by the situation on the gas market: a sharp rise in gas prices currently threatens economic stability and energy security.

“Rosneft has extensive experience in long-term contracts, and the development of vertically integrated cooperation with Indian partners along the entire value chain - from new projects in exploration and production in Russia with joint management of product flows - would help strengthen India's energy security, ”said  Sechin.

According to the International Energy Agency, in the long term, India will become one of the key drivers of growth in global demand for oil and gas. By 2050, India's share in world oil consumption may grow from the current 5% to 9-12%, in world gas consumption - from 1.6% to 4-5%.

Rosneft is actively developing an integrated format of cooperation with Indian partners along the entire technological chain - from production to oil refining and sales of oil products. Starting from 2016, the Indian companies (ONGC Videsh Ltd., Oil India Limited, Indian Oil Corporation and Bharat Petroresources) own 49.9% in the Vankorneft Subsidiary. Located in the Krasnoyarsk Territory, this Company develops the Vankor oil and gas condensate field, the largest among the fields discovered and brought into production in Russia for the past twenty five years.

Besides, the consortium of Indian companies (Oil India Limited, Indian Oil Corporation and Bharat Petroresources) owns 29.9% of Taas-Yuryakh Neftegazodobycha (Oil and Gas Production) company, the holder of development licenses for the Central Block of Srednebotuobinskoe Field and the Kurungsky License Area (other shareholders are Rosneft and BP).

Since 2001, Indian ONGC Videsh Ltd. has been a participant of the Sakhalin-1 Project (other shareholders are Rosneft, ExxonMobil, and Japanese Sodeco).  In 2020, the project produced 12.4 million tons of oil and condensate, supplied more than  2.4 bcm of gas to customers.

Rosneft owns a share (49.13%) in Nayara Energy, an Indian company with first-class assets including a 20 mmtpa refinery near the city of Vadinar.  It is the second-largest refinery in India and one of the most technologically advanced refineries in the world. The Indian company has already started implementation of the Refinery Upgrade Program: Stage 1 envisages installation of polypropylene production plants for up to 450 thousand tons per annum. Nayara Energy's business incorporates a deep-water port capable of receiving the ultra-large VLCC tankers and one of the largest fuel retail networks in India, which already includes about 6,200 outlets. Nayara Energy also plans to further expand its retail network in India to 8 thousand outlets in the next 3 years.

Rosneft
Information Division
October 20, 2021