Asia-Pacific markets have greater margin of energy security: expert

Asia-Pacific markets have a much greater margin of safety this year than in 1997-1998, because of the increasing importance of the Asian market in the world, said Rosneft Chairman of the Management Board in Singapore on Monday.

Igor Sechin, Chairman of the Management Board of the Russian oil giant, made a report at "FT Commodities - The retreat" Conference. In his speech, he stressed the importance of Asian market, and countries of other regions have to adapt to support their Asian trading partners.

"Despite the projected high rates of energy consumption in the Asia-Pacific Region, Russia is able not only to maintain but also to significantly increase its share in the energy markets of the Asia-Pacific region," said Igor Sechin.

The chairman also emphasized that Russia is especially open for cooperation in upstream with international partners. The tax regime implemented in the recent years for various fields improves the investment attractiveness for a whole range of projects.

Igor Sechin said there are opportunities to jointly develop in diverse fields, such as traditional onshore fields, offshore fields and Arctic fields.

"Through full-scale implementation of this potential, we will make a significant contribution to energy security in Asia-Pacific region."

"FT Commodities - The retreat" was designed to facilitate an informal and relaxed discussion among 150 delegates from commodities trading companies, oil, metals and food producers and consumers, governmental officials and senior financiers.

The exclusive event focused on topics like global supply and demand imbalances, the outlook for Asia's energy markets as well as specific discussions on markets, for example, liquefied natural gas in Asia and precious metals. Endi