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Pandemic may lead to consolidation of Russian oil industry, new players — Rosneft CEO

The Russian oil and gas industry is also being reformed under the influence of pandemic factors, said Igor Sechin

ST. PETERSBURG, June 5. /TASS/. Following the coronavirus pandemic, the Russian oil and gas industry may consolidate, and new players may appear on the market, Rosneft CEO Igor Sechin said at the St. Petersburg International Economic Forum.

"The Russian oil and gas industry is also being reformed under the influence of pandemic factors, as well as increased regulation in production, the OPEC+ agreement, containment of retail prices, and an increase in the share of depleted fields in the traditional region of Western Siberia. In the near future, we will certainly see the emergence of new players, growth of medium-sized companies, and consolidation in the industry as a whole," he said.

The 24th St. Petersburg International Economic Forum is being held on June 2-5. The forum’s business program will focus on the global and Russian economies, social issues, and technological development. TASS is the information partner and the official photo hosting agency of the forum.

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