Igor Sechin, chief executive of Russia's largest oil producer Rosneft, said on Saturday that China is best prepared for a closure of the Strait of Hormuz due to its well-thought-out state policy.

China's energy security policy has been balanced and based on a realistic assessment of risks, he said.

Speaking at the St Petersburg International Economic Forum, Sechin also said US energy companies were the main beneficiaries of the closure of the strait, an important conduit for global oil and natural gas exports, and that Washington was trying to change the fundamental contours of the global energy markets to suit US interests.

Sechin pointed out that US oil and gas companies may, according to leading research company Rystad Energy, get more than US$60 billion of additional profit this year.

"The closure of the Strait of Hormuz is an attempt to reshape global energy market regulations to benefit the United States. The measures taken to block the strait were aimed at Iran but backfired on the entire world. The strategic risks were underestimated," he said.

"The main beneficiaries, of course, were American companies, who gained non-competitive advantages and the ability to secure high-cost supplies."

Sechin warned that following the closure, other major global routes, such as Malacca, Bad El Mandeb and Gibraltar straits could also be under the risk of disruption. (Reuters)



Edited by Azam Khan