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Europe’s Natgas Divestment from Russia Proving Expensive: Rosneft

NATGAS

Europe spent more than $630 billion on importing gas from alternative sources to Russia between 2021-2023 Rosneft CEO Igor Sechin said, cited by Platts.

  • The amount is akin to Europe’s total gas spending in the prior eight years, Sechin said.
  • Europe’s increased natural gas expenditure is "eating up" the margins of energy-intensive industries such as of steel, fertilizers, chemicals, ceramics and glass, Sechin added, according to Platts.
  • Consequently, production activity in the Eurozone has been on a downtrend since mid-2022, with 32% of German enterprises intending to move their facilities abroad, Sechin added.
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