India's Energy Boom Forecasted by Rosneft CEO Igor Sechin

In a recent address at the 27th St. Petersburg International Economic Forum, Rosneft CEO Igor Sechin projected a 90% rise in India's end-use energy consumption by 2050, marking one of the fastest growth rates globally.

Sechin, speaking to global business and political leaders, provided a comprehensive analysis of the energy market's current state and its future challenges. In his keynote titled 'Energy transition and phantom barrels,' he also projected India to become one of the top three largest economies with a GDP of USD 5 trillion in five years and to overtake the US by 2050.

Sechin criticized the focus on anthropogenic factors in climate change discussions and questioned the efficacy of current energy transition initiatives. While noting the limitations of current hydrogen production technology, he emphasized the necessity of balancing the energy transition to support the growth of developing countries and maintain energy security by ensuring affordable and reliable energy sources.