By June 17, 2016 Read More →

Russia’s Rosneft: We won’t cede market share dominance in Europe


Igor Sechin, chief executive of Rosneft says the battle for market share is outside Europe, in developing countries like India and Indonesia. Photo by Dmitry Kostyukov/AFP/Getty Images.

Rosneft boss┬ásays “Let the Saudis keep an eye out for us”

ST PETERSBURG, June 17 (Reuters) – Russia will not cede its dominant position in the European oil market, Igor Sechin, chief executive of Russian state-owned oil giant Rosneft said on Friday.

Asked about the growing activity of Saudi Arabia on the European market, Sechin told reporters: “We don’t need to react to the activity of the Saudis. Let the Saudis keep an eye out for us, because for now we are not giving up our competitive position.”

He said the real battle for market share was outside Europe, in countries such as India and Indonesia, where demand for energy was on the increase.

(Reporting by Denis Dyomkin; Writing by Christian Lowe; Editing by Katya Golubkova)

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