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Energy crisis caused by investment shortage in industry — Rosneft CEO

It is reported that the OPEC Secretary General believes investments of more than $12 trillion are required to meet the energy demand growing worldwide

Rosneft CEO Igor Sechin Mikhail Metzel/POOL/TASS

Rosneft CEO Igor Sechin

© Mikhail Metzel/POOL/TASS

BANGALORE, February 6. /TASS/. The shortage of investments in the energy sector and the insufficient rate of resource base replenishment are fundamental causes of the energy crisis, Rosneft CEO Igor Sechin said at the India Energy Week.

"Fundamental causes of the energy crisis and the associated volatility is the enormous shortage of investments in the sector, and OPEC Secretary General [Haitham Al Ghais] mentioned that. The shortage of investments on the back of the rise in consumption related to the exit from the coronavirus pandemic and insufficient rates of resource base replenishment," Sechin noted.

The OPEC Secretary General believes investments of more than $12 trillion are required to meet the energy demand growing worldwide, the top manager said. "Attention should be paid to that - the situation is serious," Sechin added.

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