18 August 2016

SUEK owner says fossil fuels won’t be replaced by alternatives

Given the current level of technology, it will only be possible for alternative energy sources to reduce carbon emissions in some regions, according to interview with billionaire Andrey Melnichenko, the co-owner of SUEK.

  * Companies and governments will need to develop other solutions to expand alternatives energy and that’s unlikely  to happen in the next few decades

  * “Staying in coal business is safe for us because we have low costs and we focus on high-quality and less-emitting coal”

  * Last year, SUEK became 4th-largest global coal trader by volume

  * “I own three big profitable companies with good perspectives for growth. I am not worried about short-term volatility, especially as I see our advantages over competitors”

By Yuliya Fedorinova
Source: Bloomberg
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