Sechin recommended shorting Tesla

The head of Rosneft, Igor Sechin, at the energy session of the SPIEF once again fell upon electric vehicles in general and at the American Tesla in particular. He believes that it is reasonable to "short" its shares.

Quote. "I mentioned this phenomenon of overvaluation many times - 2 years ago, in June 2017, when Tesla was worth around $340 per share. Those who heard us then and sold the shares could make good money, since the current price of Tesla shares does not exceed $200. But those of you who hear me today can earn more."

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According to Sechin, the share of electric vehicles in the global fleet will not exceed 15% in the foreseeable future. They do not solve either the problem of emissions or the problem of hazardous industries, and their mass use will be limited to agglomerations of developed countries, the head of Rosneft believes. In addition, Sechin:

• He predicted an increase in demand for oil by 1% per year ("growth in demand for oil is inevitable") with outpacing growth in demand for gas (by 2% per year). At the same time, the market will abandon coal and the atom.
• Attacked the United States for using sanctions as an instrument of energy policy, including against Venezuela and Iran. US sanctions have covered a third of global production, he said.
• He stated that through US sanctions they gained control over UC Rusal. This statement had to be denied by Dmitry Peskov.
• He predicted a new "sanctions victim" needed by the United States in order "instead of this country to put oil from Texas on the market." Any producing country can become such a victim, the head of Rosneft thinks.
• Paraphrasing the slogan of Donald Trump, he called for the return of market principles to the global energy market ("Make the market great again").
• He estimated the reserves of the Russian Arctic at more than 20 billion tons of oil. The total proven oil reserves of Rosneft according to PRMS are about 5 billion tons.

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