Rosneft Chief Executive Officer Igor Sechin stated that China is steadily advancing towards full energy independence and could emerge as a significant energy exporter in the foreseeable future. Speaking at the St. Petersburg International Economic Forum, Sechin emphasised China’s increasing influence in global energy dynamics, positioning it among the world’s foremost energy players.
Sechin, a key figure in Russia’s energy landscape and close ally of President Vladimir Putin, remarked that the sweeping transformation of global energy markets is being driven by surging electricity demand, particularly across Asia and Africa, in tandem with rapid digitalisation.
He noted that China, already the world’s largest crude oil importer, has been heavily investing in renewables, nuclear power and synthetic fuel technologies. “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. He suggested that given China’s methodical approach, the country is poised to become a net energy exporter in the coming years.
China currently leads global energy investment, accounting for approximately one-third of total global investment in the sector. It has also positioned itself at the forefront of nuclear energy development, underscoring a long-term strategic shift away from energy import dependency.
Sechin highlighted the continued growth in electric vehicle sales as a key factor in the recent decline in motor fuel demand, warning that if this trend persists, it could significantly alter the balance of the global oil market.
A major aspect of China’s energy independence strategy involves processing domestic coal resources into synthetic fuels and chemical products. According to Sechin, the country utilises around 40 million tonnes of coal annually for synthetic fuel production and over 260 million tonnes for ammonia and methanol manufacturing.
Turning to global oil markets, Sechin described the OPEC+ decision to accelerate output increases as prescient, particularly in light of the ongoing geopolitical tensions between Israel and Iran. He suggested the coalition might bring forward planned production increases by approximately one year from the original schedule.
He also issued a caution regarding the escalating US national debt, drawing historical parallels to the decline of past global powers including Habsburg Spain, the Ottoman Empire, and pre-revolutionary France. Sechin argued that the significant expansion of Western military-industrial spending is diverting capital away from productive sectors, a trend he views as an inadequate response to broader economic challenges facing both Europe and the United States.
“There is always an asymmetrical answer,” he remarked, hinting at the emergence of alternative global economic strategies, with China at the forefront.
Rosneft, which Sechin has led since 2012, is responsible for approximately 40% of Russia’s oil production, 14% of gas output, and 32% of refining capacity. The company is also Russia’s largest oil exporter to China, reflecting the deepening energy partnership between the two countries.
-Reuters
