FRANKFURT, August 31, /ITAR-TASS/. It is not expedient for Europe to give up Russian oil and gas, the president of Russia’s state oil giant Rosneft told the German news magazine Spiegel on Monday.

“Europe may gain competitive benefit from buying energy resources in Russia at favourable prices. Shale gas and other new production technologies are much talked about nowadays,” he said.

“But as a result, gas will become more expensive for European consumers, I have no doubt. It is inexpedient to give up one’s advantages,” he said.

In its cooperation with China, Rosneft is not “writing off Europe”, as a Spiegal correspondent suggested, but diversifies its sales markets, the top executive said.

Late in June, Rosneft signed a $270 billion supply deal with China National Petroleum Corp. to double oil supplies to China.

“The share of China in Rosneft exports is only 13% at the moment, while the share of European countries is 39%,” Sechin said.

“We have four petrochemical plants in Germany, we are the biggest Russian investor in your country,” Sechin said.

Countries of the Asia Pacific region need energy resources, he said. “It is impossible to isolate Russia. The world is absolutely different from what it used to be decades ago,” Sechin added.