Oil service market overheated, says Russian Rosneft chairman

February 6, 2014

The oil service market has been overheated, Rosneft President Igor Sechin has told a press conference in Moscow.

Sechin said that oil servicemen’s prices were not economically grounded and that the sector was dominated by monopolies.

Sechin said Rosneft was not going to sell its oil service subsidiary RN-Burenie under any circumstances. He said that Rosneft needed the firm so as not to depend on monopolies and that RN-Burenie would be further developed.

Copyright: Oil and Gas Information Agency, 2014