India's energy consumption to grow 90% by 2050, says CEO of Russia's Rosneft

### Key Highlights from Igor Sechin's Address at SPIEF 1. **India's Energy Consumption Growth**: - India's energy consumption is projected to nearly double by 2050, driven by its growing economy. - This growth rate is among the fastest in the world.

2. **India's Economic Trajectory**: - India is expected to become one of the top three largest economies globally within the next five years with a GDP of $5 trillion. - By 2050, India is projected to overtake the US in terms of economic size.

3. **Fossil Fuels and Green Agenda**: - Sechin criticized the aggressive promotion of the green agenda, suggesting it creates energy inequality. - He emphasized the continued rise in the consumption of oil, gas, and coal, highlighting the challenges of transitioning to sustainable energy sources.

4. **Oil Demand in Developing Countries**: - Developing countries, especially in Asia, are expected to drive 95% of global oil consumption growth by 2030. - India is identified as a significant driver of this demand.

5. **Limitations of Hydrogen and Renewable Energy**: - Sechin pointed out limitations in hydrogen production technology, logistics, and market readiness. - He noted that renewable energy and electric vehicles currently represent a small fraction of global energy consumption.

6. **Energy Security and Balance**: - Energy transition strategies should ensure sufficiency, affordability, and reliability. - Sechin advocated for a balanced approach that addresses the needs of developing countries.

7. **India-Russia Energy Partnership**: - Rosneft has strong ties with Indian energy companies, including ONGC Videsh Ltd, Oil India Ltd, Indian Oil Corporation, and Bharat Petroresources. - India has significantly increased its oil imports from Russia, benefiting from discounts amidst Western sanctions on Russia.

### Conclusion Sechin's remarks underscore the anticipated growth in India's energy demand and its economic ascent. He argues for a balanced energy transition that considers the reliance on fossil fuels, especially in developing regions, while cautioning against the current focus on green energy. This reflects Rosneft's strategic focus on maintaining strong ties with major energy consumers like India amidst global shifts in energy policies and geopolitical dynamics.