ST. PETERSBURG, June 21. /TASS/. Over the past four years, Russia has increased its exports of fuel oil and vacuum gas oil to Saudi Arabia by more than six times, Rosneft CEO Igor Sechin said during the energy panel at the St. Petersburg International Economic Forum (SPIEF).

Sechin noted that following the imposition of sanctions against Russia, the import of Russian heavy oil products has allowed Saudi Arabia to effectively meet the raw material needs of its energy sector without compromising its crude oil export volumes.

"The volume of fuel oil and vacuum gas oil delivered to Saudi Arabia from Russia over the past 12 months has exceeded, by more than sixfold, the supply volume from four years ago," he stated.

Sechin emphasized that Indian refiners are employing a similar approach today. "India, the second-largest buyer of Russian oil, has nearly doubled its exports of petroleum products to Europe over the past three years," he added.

About the forum

The St. Petersburg International Economic Forum (SPIEF) is taking place on June 18-21. This year, the event is held under the theme "Shared Values: The Foundation of Growth in a Multipolar World." Thematic zones such as the ‘Territory of Innovations’ and the national brand space ‘Buy Russian!’ will operate at the Forum.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, the Drug Security Forum, and the Roscongress Urban Hub discussion platform. As part of the cultural program, the Petersburg Seasons festival will be held, and the SPIEF Sports Games will take place.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its information partner.