Russian tycoon says global industry loses trillions of dollars

Former president of the Russian Lukoil oil company, Vagit Alekperov, has said that Europe would be unable to replace Russia with another supplier of energy resources.

 “It is impossible for the European Union (EU) to replace such a major energy exporter as Russia, even in the medium term. It will take years to create a new infrastructure to redirect Russian oil, which is currently supplied to Europe. This is a very severe energy crisis with negative long-term consequences for all market participants,” Alekperov said in an interview with Financial Times, Caliber.Az reports.

He noted that Europe does not need to destroy the world’s energy configuration, which has been created for many years.

“The global industry has already lost hundreds of billions, even trillions of US dollars,” Alekperov added.