Record gas prices in Europe threaten the region's economic recovery, Rosneft CEO Igor Sechin said on Thursday. He was speaking at the session "Structural Changes in the Economy and the Future of Energy" held as part of the 14th Eurasian Economic Forum, APA reports citing TASS.
He noted that limited opportunities for electricity generation with the help of alternative sources have led to record gas prices amid growing demand.
"This price level certainly threatens the economic recovery of Europe. Record prices have become an indicator of the shock that Europe has experienced," Sechin said.
The Rosneft CEO added that while long-term contracts provide for some stability in the gas market, they do not guarantee its full stability, since spot supplies for short-term transactions are developing. "But Europe's hopes for spot supplies of LNG from the US were not fulfilled. Moreover, prices for such supplies were not properly hedged," he said.
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