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Rosneft CEO notes safety of pipeline oil supplies from Russia to China

Igor Sechin has underscored that Russia is one of few countries that consider investment in new energy projects a priority

BEIJING, October 19. /TASS/. Pipeline supplies of oil from Russia to China are a more reliable transportation channel amid the current developments in the Middle East, Chief Executive Officer of Rosneft Igor Sechin said.

"In the context of the current developments in the Middle East it is important to note the safety of supplies of Russian oil to the People’s Republic of China. This oil flows through the ESPO oil pipeline, which we suggest in the current situation is a far more reliable transportation channel compared with tanker shipments through the Strait of Ormuz or the Suez Canal due to the mounting geopolitical instability in those regions," he said at the Russian-Chinese Energy Business Forum.

Speaking about energy security in the long term, Russia is one of few countries that consider investment in new energy projects a priority, Sechin added. He mentioned the company’s Vostok Oil project as an example. "Amid declining world investment in exploration and production this global new project in Siberia’s north with the resource base of 6.5 bln tons of oil is almost the largest project globally able to have a stabilizing effect on the market of hydrocarbons overall," Rosneft CEO said.

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