listen to the head of state, who determines the rapper points, yes, where we are moving, and it seems to me, here, uh, the mood on the form was good for me. it seems to me that the mood in society in the economy will continue to improve. in which direction are we moving? what are the main priorities now , but in fact the work of the form continues. although today is the last day, and now our channel will broadcast one of the sessions, where energy issues will be discussed, in fact. it seems to me that within the framework of the forum the lion's share. eh, that was dedicated specifically to the discussion of energy issues. so let's see. good morning good morning, ladies, gentlemen, colleagues, friends. allow me to open the energy panel

2022, which has already become traditional for the st. petersburg economic forum, and for the tenth year in a row, it has been gathering intellectual and managerial leaders of the energy business. i want to note that this panel, organizationally intellectually and with a naturally leading role, igor ivanovich sechina, was carefully cultivated by rosneft a, a company that served already in our tradition, the keynote speech will be made by the chief executive officer of the oil company rosneft, igor ivan-set. i want to note that the global oil and gas business is in the expert. the community is looking forward to this annual strategic analysis report by igor ivanovich sechin, his forecast estimates form many trends in the world energy and world markets. a, despite all the uh

known limitations, a, we will also have four leading representatives of the energy business taking part in our discussion in our panel. from the asia-pacific region. your highness, dear guests, and with everything i would like to welcome you, it is celebrated from the 25th anniversary. during this time, it has become the most important platform for fruitful discussions and exchange of views. traditionally said so, it is already taking place at the highest level, and our forecasts are confirmed. what does it say about relevance? and today, despite the known limitations.

at the request of our moderator, i would like to introduce and thank our uh participants today, including dai huang chairman of the board of directors of e, cnc chinese national corporation as e kumara gubtu chief executive officer of the same silver as peter president and chief executive officer of the international energy agency company in 2007-11, as well as moderator of our discussion academician of the russian academy of sciences president of the institute of world economy international relations of the russian academy of sciences alexander back

in 2018 we said that the policy of sanctioning ultimatums in the hydrocarbon markets will lead to the emergence of a permanent sanctions premium for oil compounds and noted the risks of new price records. now all this, as we see it, has become a reality, the global economic crisis is gaining momentum before our eyes. russian president vladimir vladimirovich putin described the changes taking place in the world oil market as tectonic, it must be understood that the world has changed completely in the context of the destruction of existing financial legal instruments that previously ensured the functioning of the world

market, the industry will have to quickly. find solution for organizing work in a new environment. in the understanding of the united states, sanctions are a kind of magic wand for the implementation of political and economic goals, when market mechanisms do not ensure the achievement of the goal, and there are no political opportunities in the united states, they resort to sanctions without any reason . industrial sectors. and as a consequence of the social sphere? as a result, the global market itself? after world war ii the creation of the imf, the transformation of the dollar into the main means of ensuring world trade, uh, united by the

leaders of the free world united in places, the concept of this technology for the application of unilateral sanctions was developed by the victims, who successively became china north korea cuba iran and iraq libya russia just a moment of unilateral us sanctions affect 26 countries. 1706 as for the current sanctions against russia, i will simply quote a recent speech by us deputy secretary of the treasury olya deimo from which directly recognition of the arbitrary and unprecedented, i.e. not based on any legal precedent, nature of these sanctions follows. colon we, andrei says, he used the sanctions to achieve two goals: to deprive the kremlin of access to the resources

necessary to support the russian economy. we have taken unprecedented measures to paralyze a significant part of the reserve in the central bank of russia and by neutralizing the dedicated reserve fund that putin has been creating for years for this scenario, but american sanctions or not, his efforts, a few days, quotes closed in terms of evaluating the legal framework for these actions. there's not even anything to add here. it practically looks like this is how a statement on oneself to the prosecutor’s office is also the treasury department, the united states the assessment of the consequences of sanctions should use the maximum possible range

of information up to intelligence also note that for the united states the risk is not only strange competitors, but also international technology platforms, impersonal digital currencies and individual innovations. in fact, everything that cannot be controlled by the united states classified by the us treasury as a risk factor undermining the global dominance of the american financial system it follows from the principles declared by the us treasury. that in order to lift the sanctions you don't have to be a criminal enough to act as one or another subject on the market or on an individual of a contradiction or political or economic integrity of the united states or simply compete with them? at the same time, this is contained in their own documents published on official websites.

the rule of law is enshrined in the universal declaration of human rights adopted by the un general assembly on december 10, 1948. the fundamental laws of states, including the united states of europe, are the basis of any modern constitutional democracy. the destruction of this fundamental principle of sanctions by a narrow group of countries has led to the destruction of the basic foundations. the legal system that has developed in the world following the results of the second world war is the protection of property rights. yes freedom to do business judicial protection and other fundamental rights. in the eu, our company encountered an example of so-called justice when it challenged the sanctions imposed against it in 2014, refusing to satisfy the demands of the russians, and exchanging illegal sanctions, admitted that the company

had nothing to do with the events in ukraine. however, according to the court, the company’s activities are critical for filling the budget and the development of russia in relations. thus, the european court of justice directly recognized that the purpose of the sanctions against rosneft is to cause no damage to the russian economy and its citizens, that the infliction of such damage is permissible and lawful, if it meets the foreign policy goals, we have, as a result, we have witnessed the creation. the united states and the european union an extremely simplified scheme for bringing virtually any person under sanctions no collection of any evidence and justifications for the sanction is required it is introduced on far-fetched grounds there is no adequate motivation there are obvious errors direct falsifications in the assessment of actual circumstances, as a rule for sanctions are unlawfully used by fabricated reports of controlled media.

it can be stated that the concept of the presumption of innocence, introduced in roman law in the third century, has now been destroyed ; everyone against whom sanctions are declared is initially guilty without any reason, which justifies any illegal actions. uh, for example, officials of the us administration once again absolutely unfoundedly accused our company of supplying iranian oil to europe, i would like to thank you. uh, ministry foreign affairs of russia, which protested significantly against the fictitious accusations voiced by legally appointed officials, the united states and there are numerous examples of sanctions proceedings that ignore all legal norms, so in april greece detained the russians citing the alleged transportation of iranian oil, although the ship did not violate

any laws under pressure from the american administration, a greek court decided to take advantage of the us upholding the confiscation of oil shipments to the states later. however, this the decision was reversed in france and a russian businessman. i won't give a last name. he is a person who already suffers, was deprived of assets and the right to privacy for any actions related to participation in any conflicts, but on the other hand, he turned out to be a beneficiary in a joint venture with bp in russia, while the second beneficiary of bp is , sanctions bypassed well amazingly hmm, the global crisis of 2008 was not overcome, it was clogged with a mission, emission opportunities that seemed limitless were exhausted somewhere in the twentieth twenty-first year, with in this case, any significant increase in fed rates

means the risk of a recession, a sharp expression of debt service, both public and corporate debts and debts of individuals, so the underlying causes of inflation in the us are the dollar. further inflation multipliers were acceleration, green transition economic meaningless absence also the pandemic is an artificial break in supply chains unprecedented anti-russian sanctions effective fight against global inflation by raising rates on obviously is futile because it leads to the collapse of the financial system, the growth of the fed rate radically lags behind and will lag behind real inflation, in fact, the green revolution and the anti-pandemics of the world and the hybrid

war with russia are consistently attempts to organize a change in the economy of the technological order in the interests of the current dominant. anti-russian sanctions, in fact, ended with a green transition, the residual green territory is completely contrary to real practice, aimed at finding any any at the cost of any sources of hydrocarbons instead of russian ones. in fact, the green transition to is no longer needed. as a way of manipulating the market with availability, other cruder radical approaches. you see, article 162 of the criminal code of the russian federation defines this as an attack for the purpose of stealing someone else's property, committed with the use of violence. with the help of the issue has exhausted itself, perhaps

the result is, among other things, the outflow of investment capital from europe, where market parameters in the united states have deteriorated sharply, so america remains today the only global financial and economic regulator and economic dominant. europe, as a result of imposed and anti-russian sanctions , has finally lost its subjectivity and chances to become not only a political, but also a competitive economic pole alternative to the united states of europe and energy suicide will have long-term consequences we are already seeing a decrease in the economic potential of competitiveness and direct losses for investors so in france germany on the 22nd country has already lost about 1.6 million dollars.

at the same time, against the backdrop of a drop in almost all stock indices, the capitalization of the three largest companies in the american military-industrial complex, uh, lovkiy martin nord rubmon district, grew by 19% in the first year. while the s&p uh 500 fell by 23. on the counter move is also understandable. why, refusing russian oil and gas. e europe has become the region with the highest cost of energy in the world, undermining the level of its specific capacity. so germany 's producer index in april rose by 33.5% over the previous year, while energy costs rose by 87.3%, significantly

reducing the competitiveness of europe's largest economies. in addition, the producer price index rose by 37.2%. compared to the previous year, energy costs rose by 35.6%. in general, from 60 to 80% as a result of a significant acceleration of frictional processes due to the growth geopolitical risks, the disruption of established supply chains and the deepening of the energy crisis, there has been a structural increase in the cost of living on the important european. economics of goods prices for metals. increased by tens of percent increase in prices for fertilizer in all amounted to 180%, which was largely the result of the abandonment of cheap gas raw materials , the increase in prices for corn wheat amounted to about eighty percent, and in the future we can expect even greater growth

due to the deferred effect of price growth , and on fertilizers. well, obviously everyone understands that the economy is of an inertial nature, if you don’t make the necessary investments tomorrow, you won’t get anything in general, according to gp morgan bank estimates, an increase in energy prices only in 202 can cost the euro. zone an additional 550 billion euros, which is said to be half a percent of gdp. more and more germans believe that the previous level of consumption has become unaffordable for them, german economy minister robert habib has already admitted that the country will have to face new poverty. actually, what europe faced with having imposed money, russian sanctions. this is social degradation, in fact, the dismantling of the social market economy model, both social and market. uh. this is the collapse of post-war germany's great

welfare model for all e people echo yes and alfred what the germans were so proud of and considered as a model for the whole world, the rule-based order is the mantra for the american-centric world that americans love to constantly repeat its violations. which they accuse russia and china but before these rules. at least they were designated by the regulator and more or less publicly observed inviolably; now there is no property, there is no binding contracts. legal protection of transactions and contracts will arrive right. now the so-called rule- based order recognizes a single rule, establishes a single regulator, and changes them as he wants in his own interests. there are no more rules. as a result, we have the destruction of the market. to paraphrase, we

have a unipolar world that has broken the chain pole. i would like to draw attention to some features of the functioning of the energy company of the united states itself in the current conditions, i.e. constant changes in priorities, and national regulation and political target designation against the background of the development of the green theme of the energy shortage pandemic, leads to distrust of shareholders, a changing agenda and unwillingness to long-term investment in these conditions, priority is given investments with quick returns and the company focuses on the growth of dividends of investments in development oil and gas managers took this path, making assessments of short-term and sustainable provision of consumers with affordable energy; analysis of short-medium-term projects with a quick payback period ; an early study of profits to maintain

value ; . against the backdrop of oil prices rising dividends and share buybacks, stock quotes , for example, exxonmobil reached a new high, while the company did not increase investment is not mining. in general, over the past 5 years, major's total capital expenditures in exploration and production have decreased by 29% , or more precisely, the company's savings on investment are directed to dividends and share buyback expenses, which over this period, which increased by 31% , the strategy of increasing 7 minutes profitability raises stock quotes on the pharmaceutical leads to the rejection of development. the white

house's reaction to the market behavior of american companies is demonstrated by biden's appeal to american oil and gas companies i quote no, there is no doubt that vladimir putin is he who writes on the chevron in the exxon marathon marathon with a number of companies hmm is primarily responsible for the pain that american families experience, but against the backdrop of the war, historically high margins, refinery profits exacerbate this pain my administration is ready to use all reasonable suitable tools and emergency powers to increase capacity. mm. we will provide the full texts of this letter on our slides, then anyone who is interested can read it in great detail. we also

already know the reaction of us upstream and downstream companies to this letter to baidun, responded to the american association of fuel and petrochemical manufacturers and the petroleum institute. here are some excerpts from this response prices for refined products are determined in world markets, us refineries are operating at maximum capacity about half of us refinery shutdowns are due to the transition to renewable fuel production the federal agency is based on your campaign promises to make investment in traditional energy projects more costly and finally, today's situation has not arisen. overnight will not be quickly resolved today's problems are largely the result of high oil prices due to the first imbalance in the past supply. the second redistribution of logistical ties in the process of exiting the world, if the pandemic is high.

whom consumer demand, as well as a ban on russian products and a third of the political decisions taken over the years, this will be all this suggests that the administration can get sanctions resources in relations with russia and the subjects of the united states itself. the reduction in the scale of business also occurs due to the announcement by western managers of the termination of all investments and voluntary withdrawal from russia, for example, the former long-term e- a trusted partner of rosneft, the english bp, officially announced its departure in february of this year. despite the fact that the russian business brought her 36 billion dollars in revenue. since 2003, with uh, the volume of investments in 10 billion dollars ah,

the announcement of the exit was unexpected for rosneft, unjustified in terms of the successful uh, thirty-year partnership of our companies and was not dictated by the commercial interests of bp and it. however, despite all the statements about the unconditional withdrawal from russia, bp continues to this day to be the largest private shareholder of our company with a share of 19.75%, e, bp also continues to own stakes in large joint projects, including rampur, neftegaz and yermakneftegaz. all these actions say rather, it is about the desire to remain an active participant in ero rosneft and wait out the unfavorable geopolitical situation without real losses, and we see similar actions on the part of some western majors. others at the same time, even against the background of the arrest of russian gold and foreign exchange reserves for the exploitation

of gazprom's foreign assets, russia does not create obstacles for the continuation of the activities of foreign companies. eh, on your territory. for example, even with respect to dividends. uh, and the only restriction made by the russian regulator. this enrollment special accounts. uh, so i would like to say that with regard to bp, we will do the same after the shareholders' meeting. er, the noise of last year's dividends will be a serious figure with november 19 evolution in that place, so we expect that in the case of e attempts, as a russian-owned enterprise, symmetrical measures in relation to foreign companies in russia will be proposed to the russian russian regulators by the government. i would like to draw your attention to the fact that 83% are

primary. no energy in the world is provided at the expense of traditional sources against the background of the rapid growth of the economies of developing countries. and their efforts to improve the level and quality of life increase the world's energy demand for energy by 20%. a move on to increasing its supply to eliminate the deficit in oil alone by 2030, the world needs additional investments in the amount of $ 400 billion . however, as already mentioned against the backdrop of a reduction in investment by managers, this level will most likely not be reached and the oil shortage may persist for a long time? we will show as a result of energy jitter there is a catastrophic deterioration in economic conditions. e, for enterprises, due to a sharp increase in energy costs, which sharply increases the cost of production , the foundry industry may be the most affected, since without russian

gas the maintenance of an unseasoned cycle. steel smelting is impossible , according to experts in europe, a complete rejection of russian gas will not only lead to a halt in the foundry industry. the same bondage of the entire industrial production of europe and growth. unemployment is a significant loss, expect producers of ammonia and fertilizer as early as the twenty-first year, large european british fertilizer exporters due to high prices. the gas were forced to cut production, which led to growth. price concerns are not limited to just the energy industry. they apply to both metallurgy and the production of fertilizers included. as a result, western countries not only create problems for their economies, the most vulnerable, developing ones countries in such a way, crisis phenomena cover the whole world, it is no coincidence that the president of the world bank, david molpas. he stated that they no longer see options for avoiding a recession in the global economy in the light of the unprecedented

energy and food crisis. as you already noted at the forum, instead of mutual trust and cooperation, today we are witnessing a reversal of trends from globalization to greater regionalization, involvement in the international division of labor increases the country's vulnerability to sanctions, however on the scale of sanctions pressure on russia and other countries, they understand that the less they are integrated into global communities, the less likely the crisis will spread to their local markets. similar trends are observed for gas. damn, so the united states is convincing european countries that in any scenario for reducing the supply of russian gas, europe will not be left without this carrier energy, nevertheless , europe and the rest of the world have no reason for doubt and concern. want

to keep abreast of the latest events, unique tier news section in the new social platform, tier news will select news for you according to your interests tier news only what is important for you install right now new super, breathable huggies diaper panties and other goods with care for the whole family at competitive prices on wildberries this is an advertisement vtb and it's time to speak frankly, there are things that will not disappear anywhere our decades of experience, which helped us become stronger and survive all crises 1,300 branches across the country with real professionals who are ready to help in real life government support and trust of tens of millions of customers. everything, this remains unchanged, as well as our responsibility to you. that is why with your money everything will be in order dreams of your home and

the ability to support loved ones at the most necessary moment. think for a second. you have one value that cannot be taken away or blocked, and it remains with you even without money. this is the value of your communication with loved ones. hello baby, communicate at zero on the account on all megafon tariffs this has not happened yet it was russian cold 150 g of not visible rich taste in one glass. try a real ice cream. russian voice big incredible taste discounts this summer on yandex.market order what you need with a profit of up to 80% and free delivery in the application in

2022 in st. petersburg the implementation of the agreement within the framework of the st. with the summing up of the results of the international architectural competition, the winner was a consortium with the austrian company cube hemilblb, the best foreign architects work with the megaline company, we are developing our hometown. we develop russia megaline and invest in future respect for the older generation. these are not just words. this is primarily business, so sovcombank provides benefits to all pensioners and return interest on loans in cash. with respect for pensioners from sovcombank

, purchases for a summer residence in a savings banquet turn into a benefit. pay for goods from any stores, like sberbank, and get 10% bonuses, as well as a discount of up to 20% on frozen fish from the sberbanker metro station. order profitable. 50 gb and on smart devices complement the perfect ingredients in one subscription. the first connection free of charge to increase the share of settlements in national currencies and commodity deliveries should be activated by banks of course, our joint efforts should not be limited only to the financial sector, which in itself is not valuable in itself, but is

here a tool for making transactions, another area that strengthens cooperation and contributes to the normalization of trade balances interested in this space can become a mutual investment simultaneously. this will help reduce dependence on the dollar and the euro, expanding partnerships and building joint institutions will create an effective alternative to a unipolar world. and the word of the year is flight from dugs, if earlier money flowed from one market to another, now everything is falling at the same time, except for hydrocarbons and even gold , traditionally used to reserve a refuge. moreover, it is growing against the backdrop of systemic inflation in the united states, that is, the united states at the moment is the main beneficiary of the crisis due to the inflow of capital and the growth of the dollar, while against the backdrop of inevitable growth, the cost of

servicing the huge us debt has become growing in the near future. we already see the beginning of this recession, the fall of the american s&p 500 index was 23%, at the beginning of the year, as for the poorest countries in asia, africa , latin america, as well as developing countries that do not have their own affordable energy resources, sanctions turn around for them an increase in the price of fuel, energy and food . famine and economic collapse recognize this on their own organizers. e sanctions channel and whether russia is to blame for the answer. yes these countries is obvious to them the essence of the auction policy. the west has a discriminatory policy on this, essentially russian. in the mildest form of attitude towards such a policy, it was formulated by the minister of foreign affairs of india to roman, and then the west is mistaken if i believe that the

rest of the world should solve their problems, while refusing to solve problems that face other countries of the world initially built its grandiose economic growth within global economy, however, the united states has now declared china the main threat, since economic so now the military-political technological confrontation is the head. he stated that technological innovation has become the main battlefield in the global arena, and the competition for technological dominance will become unprecedentedly fierce. losing its leadership position in the main technologies of the 21st century, the united states is trying to restrain china, which has already become the undisputed leader in terms of. e of them, and on others can overtake step within uh, next decade. china has significantly increased its spending on it, which

in the twentieth year reached 580 billion dollars, which is comparable to us spending on china, again, the largest market in the world and one of the largest equipment manufacturers. again, the prospects for the main suppliers of such equipment are two chinese and none from the united states, having lost competitive advantages in this direction, the united states does not act by market methods, for example, severe sanctions on huawei a single global market dead institutions and mechanisms for its regulation operate in its economic regime, in fact, in the regime of war. in these conditions of russia of new institutions of interaction aspiring to independence from diktat and sanctions production, the leadership of the country emphasizes the strategic tasks of ensuring an economic breakthrough on the part of leading

institutions and experts, there is a growing understanding that the goals of economic policy cannot lie at all. uh, on the inside of the economy, there’s still angelica about this, warned the foundations of the hegelian dialectics, how would we go about it in the second year. hmm at the university, our goal is to achieve technological services of immunity to increase the efficiency of the financial system, which should move from applied inflation targeting to ensuring economic growth and effective interaction, stimulating simplification of cooperation with our real ones. imaginary partners in the world of the technological university movement. the restoration of the basic production epochs of the violated sanctions has already begun. we are already seeing movement towards a new oil level configuration. how are the two contours of centers deformed for friendly countries, fair before, and for non-friendships, a premium is added in the price, which will be used to pay off ours and keeps,

connected with the violation of the rule and obligatoriness by our former partners in these conditions, it is important to answer the question, where is this my in the ark of the global economy. russia, with its energy potential and a portfolio of first-class projects such as vostok coil in our company, can provide the long-term needs of the world and available energy resources, and, of course, this saving ark vostok coil is the largest in the world, the only new project on a comparable scale, the resource base of 6.2 billion. it is confirmed by the results of large-scale geological work carried out by detailed reports of world-class experts you of this level is characterized by unique premium qualities. here it is. and this is vostok oil with a low content of wholes at zero.

yes, well, as much as one-tenth low density about forty degrees. 114 billion average value of the order of magnitude it should be noted that rosneft is already producing at the fields of the vankun cluster, which is part of the project to the east, using the most modern technologies, demonstrating the highest efficiency indicators, compared to the industry average, and successfully implementing a comprehensive exploration program. so , oil was received on the left bank of the yenisei river this year. when testing two responsible wells, an increase in reserves is expected, and about

100 million. it has been established that timer deposits are characterized by abnormally high reservoir pressure up to 600 atmospheres. what ensures high well flow rates up to 720 tons per day? after the fracturing of the ugu reservoir in general, the results of geological exploration are many times higher than forecasts, which allows us to confidently plan a high level of production for many decades with a phased release. for a volume of up to 115 million tons, in the thirty-third year, significant prospects for the development of the gas resource base should be noted in order to confirm the our discovery on this world of the zenichy field with reserves of e, 384 billion cubic meters, which are recognized by the expert community as the largest discovery of 21 years in the world, projects unique in scale will be installed as a locomotive that pulls the development of valuable sectors of the real sector of the economy. this means that the multiplier

effect in the necessary investments in the face of reduced investment in the development of the oil and gas sector of the east is the only project in the world that can have a stabilizing effect on the market hydrocarbons. at the same time, having its highest performance indicators. and the survivability or sustainability of the implementation of the project will provide huge positive effects for shareholders simply by capitalization and create powerful energy ethers for the country due to direct access to the transport artery of the northern sea route, depending on the projects, politically unstable. the implementation of the project for rosneft does not cause any technological or resource difficulties, we have the necessary competencies knowledge experience in the implementation of such projects 98% of the equipment materials of domestic production.

deliveries of pipe and other metal-intensive products under integrated contracts with major russian enterprises are being implemented on schedule more than half a million tons of products have already been delivered to the construction site, delivered more than 1,000 units of special construction equipment are in operation drilling complexes of the arctic class , five more drilling operating complexes are being prepared for sampling, and in total, drilling rigs have been ordered. more than 4,000 people and more than 2,000 units of equipment are mobilized and work around the clock russian construction contractors, they are actively building the main technological facilities, the main oil pipeline vankor, payakha, sever bay, installed 23,000.

more than 100 km of pipe with a diameter of 800 mm have been welded into a pile, according to the plan, quarrying is underway , backfilling of thick objects for construction lines, power lines and so on. built three new berthing complexes on the yenisei river several bases for storage of materials and equipment this summer season construction of three more berths will be completed in the active phase is in the construction of an oil loading terminal in sever bay artificial land plots are being built in the waters of the bay of the tanker fleet, work is underway to solve the aviation infrastructure, rotational residential camps are being built, in general, the project lives and develops as planned. to overcome that inevitable difficulties and we have complete confidence that all tasks will be

completed. we must do this before the flood. we will be glad to see our friends as part of the project to build a new ark for the world economy. thank you for your attention. thanks a lot. thank you for your candid and insightful presentation and for your strategic analysis of the causes of the disappointing state of the global economy and energy. and, of course, for your optimism when looking to the future because of the wonderful metaphor, but also to the ark which seems to me a very very place.

and hmm, the leaders of this company mr. dai houlian. uh, this is one of the prominent figures in the oil and gas business, this is a person with tremendous experience and deep expert knowledge, and cnpc has a long and successful m-th history of working with rosneft and it seems to me that the interaction of these two large companies, and lies at the heart of the russian chinese cooperation. you may recall that back in the thirteenth year, a long-term contract was signed for the supply of 325 million.

some watchers called it the deal of the century this february. another contract for 100 million was concluded. otherwise, it is important that rosneft and cnpc annually organize the russian chinese energy dialogue business forum, which in fact is both a compass and a barometer of ongoing cooperation between our countries. and of course, uh, both companies are not missing out on low-carbon development. and mr howyan. what do you think, here, given the m-m green agenda. will traditional energy companies be able to defend and maintain their role. what are prospects? today, in the summer of 22, at the energy transition, because igor ivanovich very convincingly showed what problems

arise there. and let me ask you one more question. we see that the transition from the global division of labor to regionalization leads to a change in the global economic paradigm. what do you think, which players will benefit from this trend? i ask you, sir, give khulin, he says, dear mr. sechen, dear colleagues, good afternoon. first of all i would like to thank the organizers form for an invitation to speak. it is a great honor for me to start the current year taking place in the world. huge changes intensified by the coronavirus pandemic or instability of uncertainty in the internal and external environment.

credibility of development as a global producer and supplier of energy resources. our cmpc company cooperates with more than thirty countries of the world in the face of new challenges. we intend to build on the development of business in the country to participate more deeply in the international market. uh, expand into openness, and adheres to the strategy of internationalization to adhere to the principles of mutual benefit and strict adherence to the agreement. former. we will actively explore new opportunities for cooperation. we believe that the so-called green low-carbon transition in the global

energy industry. this is definitely the trend of the times. however, in this process , oil and natural gas still play a critical role. in the energy sector of the future , energy carrier development will proceed on a winter-supplementary basis for this purpose. our company uh, seven, uh, leads in sequence. uh, a policy of increasing oil and gas exploration and development. we are a sadistic complex development of geothermal wind solar hydrogen energy. e with carbon dioxide capture and storage technology and develop cooperation in the development of new technologies in the field of energy. we also need efforts in order to keep

our current supply trends. thank you for your attention. a thank you, dear sir. give howlin for your performance for your answers and for your very balanced a look at low carbon and traditional energy mr. tanaka. e, greetings to you again, and on our panel, and mr. tanaka, san er, a very famous person in the world of energy business, he was in the seventh eleventh year, and he headed the international energy association. today he heads the supervisory board of the asian organization, and dr. tanaka is here with your invaluable international experience. and how does he see the present a and the future of energy, given these rather critical

events of recent months. sing the coming crisis, and what ways do you see to achieve a balance in the energy transition, the balance between economic growth , energy security and between the supply of energy resources on the one hand and sustainable development goals on the other, i ask you. dear colleagues, dear friends, my dear friend igor ivanovich, i thank you for the invitation to speak at the energy panel again, uh, this year. she's mine for me. it is truly a great honor to thank you very much to say that my successor in the energy agency, and mr. fatiha is a hero. he said

that at the moment we are in the middle of the first global energy crisis. in the seventies we faced for the first time the oil crisis. and now we see that at the same time we have an oil and gas crisis , and coal is also added to this. we are seeing that commodity prices have peaked and of course energy security is a priority for many governments and as sir just pointed out we are indeed seeing tectonic shifts and sia is demonstrating what is energy superpower, the international energy agency was created just in time for the first energy shock of 1974 and dr. henry kissinger, who is the founding father of the international energy agency. she said that the consumer countries were absolutely unprepared for the oil embargo by the guardians, but, in fact, exactly the

opposite happened about a year ago, when the international energy agency published an analysis that she called zero target by 2050. and we have seen oil producing countries and companies panic when these bureaus were told that the minor international energy agency should be calling for the cessation of any new development projects this year. and this is an undeniable shock. and the goal is zero golly. by 2050, what if world governments can achieve carbon neutrality by 50? this means that peak demand is gone. could happen very soon and uh regarding natural gas. we see peak already by the middle, and the twenties. the current energy crisis, one way or another, will probably reach balance again, since we see that, after all, energy resources

are fossil and unconditional. we will see that the lack of energy resources and the high demand for energy resources will somehow attract new investments. but this shock could be much more dramatic if we see that we will not be able to properly prepare for these risks, no one can stop this situation. because always in there are winners in this situation and a loser and europe is certainly accelerating decarbonization in order to ensure energy security and hydrogen is, of course, a key tool, in this regard, the united states primarily acts in the interests of the largest companies that seek to decorate the entire supply chain even earlier by 2030 . china is striving. become a superpower in terms of renewable energy japan is launching and is thinking about launching new mm.

well, nuclear power plants in order to reduce the use of coal, while we see the desire to produce green and blue hydrogen in order to get rid of dependence on oil supplies and hmm i 'm afraid to say igor ivanovich that it seems to me that russia is not quite ready for such a serious shock, but for such a tectonic shift unconditionally western sanctions on energy unavailability of investment may interfere with your ability to adapt to this crisis and the new situation. and, of course, the security and sustainable development of any country. may be achieved independently, but still international cooperation is necessary here, and it is unconditional. we need it here and now, including in the energy sector. thank you very much. thank you very much mr. tanaka. i have, of course, my own version, not about

such universality of, uh, a low-carbon economy and the fourth energy transition, which, from my point of view, today it is based not on efficiency competition, but on political energy and, in part, great ideological pressure to you. thank you for your participation at home, the arigatores are preparing, and let

the world economy in such a fragile balance, if there are at least some interruptions in the supply of oil and gas from anywhere in the world, this directly affects the economies of countries on this fragile balance, which certainly causes economic growth inflation hits hard on the pockets of ordinary people, whether it be north america or australia from this point of view. i see that between some conflicts and operations between countries between us in globa