Countries should not see transit of oil, gas as factor bolstering market position - Sechin
MOSCOW. June 16 (Interfax) - Transit countries for energy resources should not view transit shipments as a factor strengthening their market position, or payment for transit as a contribution to their budget, the president of Russian state oil major Rosneft , Igor Sechin said.
"Unfortunately, we have examples where transit is not only used as a source of unjustified revenues, but is turned into an instrument of pressure on competitors and used for political purposes," Sechin said at the 21st World Petroleum Congress.
He said that it is necessary, where possible, to eliminate monopolies in the area of transportation and transit of oil and oil products and to improve access to infrastructure.
At the same time, tougher requirements are needed for countries responsible for transit of energy resources and special efforts and mechanisms need to be created to guarantee that contractual obligations are met, he said.
"This will require the creation of an arbitration practice and corporate culture that eliminates the possibility of unilateral suspension of projects on the basis of any political decisions," Sechin said.
"A contract should always be carried out in full in any circumstances. Given the long investment cycles in our industry, compared for example to electoral ones, and its strategic importance, we market participants are responsible to future generations for ensuring energy security," Sechin said.