Russian Ice Hockey Federation to wage ruthless war on doping abuseSport July 26, 19:53
Two Siberian residents jailed for killing three zoo birds in failed barbeque attemptSociety & Culture July 26, 18:43
Moscow slams Western media allegations about alleged Russian support for TalibanRussian Politics & Diplomacy July 26, 18:31
Ex-Georgian president Saakashvili stripped of Ukrainian citizenshipWorld July 26, 18:25
Russia bolsters military potential in South to respond to emerging threats — defense chiefMilitary & Defense July 26, 16:09
Moscow to frame stance on new sanctions once US bill becomes lawRussian Politics & Diplomacy July 26, 16:03
Kazakhstan hopes to develop its own module for joint space station with RussiaScience & Space July 26, 15:34
EU diplomats move to slap more sanctions on Russia over Siemens turbines furorBusiness & Economy July 26, 15:11
London court binds Ukraine to pay par value of Eurobonds to RussiaBusiness & Economy July 26, 15:05
LONDON, February 13. /TASS/. World oil prices will stand at $60-80 per barrel in 2016 if the level of investment in the oil industry recovers, Russian oil major Rosneft CEO Igor Sechin said in an interview with The Independent on Friday.
However, if investment levels do not recover and the supply-demand equation is not rebalanced, world oil prices could bounce back to $100-$110 as the lack of investment in drilling would cause a shortfall in production, he told the paper.
The Rosneft head also said the company was prepared for a long struggle in a European court against the EU sanctions.
"We are fighting: the knot will be untied," the paper quoted him as saying.
Asked about a possible timeframe for examining Rosneft’s legal case after it was moved from London to the European Court, Sechin said that instead of three years, the process might last a year and a half.
"What can you do? I don’t know if the case will be tried on merit and our claims will be justly reviewed and evaluated," he said.
The sanctions imposed against Russia "have reverse effects: they damage international shareholders and international stakeholders... banks and investment funds that will not be able to invest in the development of industries in Russia," Sechin said.
"The world economy will face severe consequences. The application of sanctions against the company cannot be justified. We are not a subject of political decisions, so the extension of sanctions to the corporate level is absolutely illegal and illegitimate."
It is not just Russians who have suffered from the western sanctions as "300,000 German jobs rely on equipment supplies to Russia," Sechin said.