Latest news with #Sechin
Business Upturn
27-06-2025
- Business
- Business Upturn
Energy Without Illusions: Igor Sechin on the New Landscape of Global Energy
The energy of the future, the challenges of the digital revolution, and the role of nuclear power were the central themes of Igor Sechin's address at the St. Petersburg International Economic Forum 2025. The CEO of Rosneft Oil Company, head of one of Russia's largest companies, denounced the 'net-zero' concept as an energy regression, underscored the special importance of electricity in the age of AI, predicted that China would emerge as the new global energy leader, and highlighted Russia's potential to develop a balanced new-energy mix. China: From Consumer to Exporter In his report, 'An Odyssey of the World Economy in Search of the Golden Fleece: The New Landscape of Global Energy,' Igor Sechin placed particular emphasis on China's role in tomorrow's energy sector. According to him, the PRC is no longer merely safeguarding its own energy security; it is confidently moving toward a new status – that of a net energy exporter. These successes, he noted, stem from a ba – lanced strategy rather than dogmatic adherence to trends. China does not bet exclusively on renewable energy sources (RES); instead, it advances multiple vectors at once – boosting coal production while simultaneously retaining leadership in solar and wind generation. Such an approach avoids lowering energy-flow density and prevents degradation of power systems. Sechin argued that talk of declining global demand for energy resources lacks foundation. On the contrary, several structural factors will only spur growth in worldwide energy consumption – chief among them the need to guarantee energy security, widening fiscal deficits and public debt, demographic trends, and large-scale digitalization. The digital revolution, according to Sechin, must become a foundation for productivity growth. He emphasized the decisive role of artificial intelligence and big data in reshaping the global energy landscape. Citing research from Goldman Sachs, he stated that large-scale adoption of advanced technologies could increase labor productivity by 1,5 percentage points in developed countries and by 1 percentage point in developing countries over the next decade. These challenges – not formal climate targets detached from reality – must, in his view, shape the energy strategies of the world's leading nations. Electricity – the New Oil Sechin devoted special attention to electricity, dubbing it the 'new oil' of the twenty-first century. The rise of artificial intelligence, the proliferation of data centers, and the accelerated rollout of electric transport are turning electricity into the key resource of the new technological order. Yet, he stressed, for electricity to truly drive development, it is not enough simply to expand generation; the quality and resilience of power systems must be improved. Another source to which the Rosneft chief assigned a pivotal role in the future energy balance is nuclear power. In a world where renewables still cannot deliver the required energy-flow density and hydrocarbons face relentless pressure from environmental activists, nuclear energy offers a way to maintain grid stability. He noted that over the past 15 years, global electricity consumption has grown at an accelerated pace. And in the next 25 years, according to IEA projections, global electricity generation is expected to double. Moreover, Sechin projected that as early as 2025, global investment in the electric power sector will exceed investment in fossil fuels by 50 percent. Russia, Sechin reminded the audience, is a leading nation in this field. The country now offers competitive, technologically advanced civil-nuclear solutions, including within the framework of international projects. Energy Synthesis, Not Energy Substitution Addressing the 'energy transition,' Sechin rejected the idea of rigidly replacing one source with another. Instead, he proposed a model of synthesis – combining traditional and alternative energy sources so that new technologies complement and reinforce the existing system rather than displacing it. This approach, he argued, avoids technological disruptions while ensuring economic efficiency and energy security. A key takeaway from Sechin's speech was his criticism of the net-zero doctrine. Abruptly abandoning traditional energy sources for climate goals, he warned, threatens the world with an energy regression. Without a comprehensive transformation of the entire energy infrastructure, integrating renewables will lead not to sustainable development but to reduced accessibility and reliability of energy supplies, he contended. Russia, meanwhile, can offer the world a more balanced and pragmatic development model in this arena. Sechin also addressed Europe's policy toward Russian energy exports. He recalled that the European Union continues to push for a lower price cap on Russian oil — down to $45 per barrel. 'In my view, the real goal is to increase the efficiency of Europe's purchases from Russia, rather than to reduce the revenue of the Russian budget, as publicly declared', — Sechin argued. The numbers, he noted, support this interpretation: according to Western experts, since early 2023, Europe has purchased over 20 billion euros worth of Russian oil — making it the fourth-largest buyer by volume Ahmedabad Plane Crash
Express Tribune
22-06-2025
- Business
- Express Tribune
'Oil output hikes justified'
A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS Listen to article OPEC+ group of leading global oil producers could bring forward its output hikes by around a year from the initial plan, Igor Sechin, head of Russia's largest oil producer Rosneft, said on Saturday. He also said that the decision by the OPEC+ to speed up output increase now looked far-sighted and justified in the light of the confrontation between Israel and Iran. The Organisation of the Petroleum Exporting Countries and its allies, led by Russia, shocked oil markets in April by agreeing a bigger-than-expected output hike for May despite weak prices and slowing demand. OPEC+ has since decided to continue with more than planned hikes. "The announced increase in production since May of this year is three times higher than the alliance's initial plan. In addition, the entire increase in OPEC+ production could be shifted a year ahead of plan," he said without elaborating. "The decision taken by OPEC leaders to forcefully increase production looks very far-sighted today and, from the market's point of view, justified, taking into account the interests of consumers in light of the uncertainty regarding the scale of the Israel-Iran conflict," he added. OPEC+ crude output represents about 41% of global oil production. The group's main objective is to regulate the supply of oil to the global market. Having spent years curbing production, eight OPEC+ countries made a modest output increase in April before tripling it for May, June and now July. Besides the 2.2 million bpd cut that the eight members started to unwind in April, OPEC+ has two other layers of cuts that are expected to remain in place until the end of 2026. Oil prices had initially fallen in response to the OPEC+ decision to increase oil production, but the outbreak of Israel's aerial war on Iran has so far been the main factor behind their return to around $75 per barrel, levels unseen since the start of the year. Speaking at the St Petersburg International Economic Forum, Sechin, a long-standing ally of Russian President Vladimir Putin, also said there will be no oil glut long-term despite the production rise due to low stockpile levels, though rising usage of electric vehicles in China might hit oil demand.
Business Recorder
21-06-2025
- Business
- Business Recorder
Head of Russia's Rosneft says: ‘OPEC+ could speed up oil output hikes by a year'
ST PETERSBURG, (Russia): OPEC+ group of leading global oil producers could bring forward its output hikes by around a year from the initial plan, Igor Sechin, head of Russia's largest oil producer Rosneft, said on Saturday. He also said that the decision by the OPEC+ to speed up output increase now looked far-sighted and justified in the light of the confrontation between Israel and Iran. The Organization of the Petroleum Exporting Countries and its allies, led by Russia, shocked oil markets in April by agreeing a bigger-than-expected output hike for May despite weak prices and slowing demand. OPEC+ has since decided to continue with more than planned hikes. 'The announced increase in production since May of this year is three times higher than the alliance's initial plan. In addition, the entire increase in OPEC+ production could be shifted a year ahead of plan,' he said without elaborating. 'The decision taken by OPEC leaders to forcefully increase production looks very far-sighted today and, from the market's point of view, justified, taking into account the interests of consumers in light of the uncertainty regarding the scale of the Iran-Israel conflict,' he added. OPEC+ crude output represents about 41% of global oil production. The group's main objective is to regulate the supply of oil to the global market. Having spent years curbing production, eight OPEC+ countries made a modest output increase in April before tripling it for May, June and now July. Besides the 2.2 million bpd cut that the eight members started to unwind in April, OPEC+ has two other layers of cuts that are expected to remain in place until the end of 2026. Oil prices had initially fallen in response to the OPEC+ decision to increase oil production, but the outbreak of an aerial war between Israel and Iran has so far been the main factor behind their return to around $75 per barrel, levels unseen since the start of the year. Speaking at the St. Petersburg International Economic Forum, Sechin, a long-standing ally of Russian President Vladimir Putin, also said there will be no oil glut long-term despite the production rise due to low stockpile levels, though rising usage of electric vehicles in China might hit oil demand. Putin said on Friday he shared OPEC's assessment that demand for oil will remain high. He also said that oil prices had not risen significantly due to the conflict between Iran and Israel, and that there was no need for OPEC+ to intervene in oil markets. Sechin also said Rosneft had already budgeted the oil price of $45 per barrel for this year, the level the European Union eyes as the new price cap on Russian oil imports, which is now set at $60.
The Sun
21-06-2025
- Business
- The Sun
Russia's Sechin says China is moving towards exporting energy
ST PETERSBURG (Russia): Rosneft CEO Igor Sechin, one of the most influential men in Russia's energy sector, said on Saturday that China was seeking complete energy independence and that in the foreseeable future it could become a major energy exporter. China's economic and military rise over the past 45 years is considered to be one of the most significant geopolitical events of recent times, alongside the 1991 fall of the Soviet Union which ended the Cold War. Sechin said that a massive increase in electricity consumption was changing the entire landscape of the global energy markets as populations soared in Africa and Asia and the digital revolution triggered massive demand for power. Speaking at the St. Petersburg International Economic Forum, Sechin said that China accounted for a third of global investment in the energy sector, was ramping up renewable energy capacity and was now one of the leaders in nuclear power. 'China, which has already ensured its energy security, is confidently moving towards complete energy independence, forming a stable energy balance based on its own resources,' Sechin said in a speech which referenced both Greek mythology and Niccolo Machiavelli. 'There is no doubt, taking into account the persistence and professionalism of our Chinese comrades, that in the foreseeable future they will achieve the desired result, which will turn China from an importer of energy resources into a major energy exporter.' China is currently the world's largest importer of crude oil and a major importer of natural gas. Russia is the world's second largest oil exporter and holds the world's largest reserves of natural gas. Sechin, who worked alongside Vladimir Putin in the former imperial capital of St Petersburg and later under the president in the Kremlin, has run Rosneft since 2012. Rosneft accounts for about 40% of Russian oil production, 14% of the country's gas production and 32% of the refinery market. It is also the biggest Russian exporter of oil to China. Sechin said that the decision by OPEC+ to speed up an output increase now looked far-sighted and justified in the light of the confrontation between Israel and Iran. He added that the OPEC+ group could bring forward its output hikes by around a year from the initial plan. He drew attention to the vast U.S. debt pile, warning that great powers from Habsburg Spain and pre-Revolutionary France to the Ottoman Empire and Britain had declined due to high levels of public debt. The expansion of the Western military-industrial complex was diverting enormous resources away from productive sectors and unlikely to be a panacea for the problems in Europe or the United States, Sechin said. 'There is always an asymmetrical answer,' he added. But his focus was on China's role, giving the example how the growth in the sales of electric vehicles had resulted in significant slowdown in motor fuel demand over the last year. 'If this trend continues – it may have a significant reverse impact on the oil market balance,' Sechin said. He added than an important part of China's strategy to reduce dependence on energy imports was the processing of coal into synthetic fuels and chemical products. About 40 million tons of coal is used to produce synthetic fuels and more than 260 million tons for ammonia and methanol production, he said.
The Sun
21-06-2025
- Business
- The Sun
Rosneft CEO: China on track to become energy exporter
ST PETERSBURG (Russia): Rosneft CEO Igor Sechin, one of the most influential men in Russia's energy sector, said on Saturday that China was seeking complete energy independence and that in the foreseeable future it could become a major energy exporter. China's economic and military rise over the past 45 years is considered to be one of the most significant geopolitical events of recent times, alongside the 1991 fall of the Soviet Union which ended the Cold War. Sechin said that a massive increase in electricity consumption was changing the entire landscape of the global energy markets as populations soared in Africa and Asia and the digital revolution triggered massive demand for power. Speaking at the St. Petersburg International Economic Forum, Sechin said that China accounted for a third of global investment in the energy sector, was ramping up renewable energy capacity and was now one of the leaders in nuclear power. 'China, which has already ensured its energy security, is confidently moving towards complete energy independence, forming a stable energy balance based on its own resources,' Sechin said in a speech which referenced both Greek mythology and Niccolo Machiavelli. 'There is no doubt, taking into account the persistence and professionalism of our Chinese comrades, that in the foreseeable future they will achieve the desired result, which will turn China from an importer of energy resources into a major energy exporter.' China is currently the world's largest importer of crude oil and a major importer of natural gas. Russia is the world's second largest oil exporter and holds the world's largest reserves of natural gas. Sechin, who worked alongside Vladimir Putin in the former imperial capital of St Petersburg and later under the president in the Kremlin, has run Rosneft since 2012. Rosneft accounts for about 40% of Russian oil production, 14% of the country's gas production and 32% of the refinery market. It is also the biggest Russian exporter of oil to China. Sechin said that the decision by OPEC+ to speed up an output increase now looked far-sighted and justified in the light of the confrontation between Israel and Iran. He added that the OPEC+ group could bring forward its output hikes by around a year from the initial plan. He drew attention to the vast U.S. debt pile, warning that great powers from Habsburg Spain and pre-Revolutionary France to the Ottoman Empire and Britain had declined due to high levels of public debt. The expansion of the Western military-industrial complex was diverting enormous resources away from productive sectors and unlikely to be a panacea for the problems in Europe or the United States, Sechin said. 'There is always an asymmetrical answer,' he added. But his focus was on China's role, giving the example how the growth in the sales of electric vehicles had resulted in significant slowdown in motor fuel demand over the last year. 'If this trend continues – it may have a significant reverse impact on the oil market balance,' Sechin said. He added than an important part of China's strategy to reduce dependence on energy imports was the processing of coal into synthetic fuels and chemical products. About 40 million tons of coal is used to produce synthetic fuels and more than 260 million tons for ammonia and methanol production, he said.
