OREANDA-NEWS. October 27, 2014. Rosneft Head Igor Sechin participated in the opening ceremony of the III Eurasian Forum For Innovation and Internationalization in Verona, Italy.

The Innovation and Internationalization Forum is one of the most distinguished business events hosted by Italy, and a key venue for the development of dialog between Europe and Asia.

In his presentation, Igor Sechin spoke about the state of the global economy, global energy sector realities and prospects, and the Russian-European cooperation.

Igor Sechin said that the oil price volatility which, he believes, inflicts a major damage to the global economy, is caused by the inconsistency of existing regulatory mechanisms that fail to make the market sufficiently transparent. "Our task is to assist as much as possible to increasing market transparency, developing the exchange-based trading system, further developing of long-term relations, including asset swaps and long-term contracts," said Rosneft Head. Igor Sechin believes that in order to avoid market manipulations, a wider use of contract currency diversification should be implemented.

Rosneft Head also noted that the Russian oil industry is one of the key drivers behind the global economic growth for quite a range of reasons which, more specifically, include the demand for high-tech products and given the challenges arising as oil production shifts to ever more harsh oil production environments from both a geological and climate perspective. Future stability of both the industry and the global economy as a whole, according to Igor Sechin, lies in the abidance of contract-based system and an independent system of international arbitration which should be immune to transitory political trends.

"In a turbulent political, macroeconomic and market environment, we need to look beyond the 10-20 year time-frame, we need to see in it that there is no alternative to international division of labor, constructive and mutually beneficial cooperation and interaction. Those who act contrary to unprejudiced laws of economy, do so to the detriment of the market, that is, to their own detriment, among others. These people fail to perceive the consequences of such conduct," Igor Sechin said.

In his presentation, Rosneft Head expressed condolences on the tragic death of Christophe de Margerie whom Igor Sechin called a talented executive, a wonderful person and a big friend of his.