Rosneft CEO Igor Sechin, one of the most influential figures in the Russian energy industry, said that the demand for electricity has increased strongly as the rapid population growth in Africa and Asia, along with the digital revolution that exploded the demand for electricity, is changing the entire landscape of the global energy market.
He pointed out that China currently accounts for about a third of total global investment in the energy sector. The country is boosting its renewable energy production capacity and has risen to become one of the leaders in nuclear power.
China, a country that has ensured energy security, is confidently moving towards complete energy independence, building a stable energy balance based on internal resources, Sechin said at the St.Petersburg International Economic Forum.
The most influential figure in the Russian energy industry commented: "Given the steadfastness and professionalism of Chinese comrades, there is no doubt that in the near future, they will achieve the set goals, thereby turning China from an energy importer into a major global market exporter".
Currently, China is the world's largest crude oil importer and also one of the leading gas importers. Meanwhile, Russia is the world's second largest oil exporter and has the largest gas reserves in the world.
Mr. Sechin has been running Rosneft since 2012. Rosneft currently accounts for about 40% of Russia's oil production, 14% of gas production and 32% of the domestic petrochemical market share. The company is also Russia's largest oil exporter to China.
Mr. Sechin said that OPEC+'s decision to accelerate production increase plans shows a long-term vision, especially in the context of tensions between Israel and Iran. He said OPEC+ could push up production by about a year compared to the original plan.
The Russian oil and gas industry leaders also warned about the US's huge debt, noting that historical powers such as Habsburg Spain, pre-Revolutionary France, the Ottoman Army and the UK have all weakened due to the huge burden of debt.
The expanding Western military-industrial complex is causing huge resources to be shifted away from production fields and is unlikely to become a "medicine for all diseases" for problems in Europe or the US.
There will always be an asymmetrical reaction, he added.
However, the main focus in the Rosneft leader's speech was still China's role, pointing out that the explosion of electric vehicle sales caused demand for engine fuel to stagnate significantly over the past year.
If this trend continues, it could have a significant negative impact on the oil market balance, Mr. Sechin warned.
He also said that an important part of China's strategy to reduce dependence on energy imports is to promote the technology of converting coal into synthetic fuels and chemical products.
According to him, China uses about 40 million tons of coal per year for synthetic fuel production and more than 260 million tons of coal for am am am am amoniac and methanol production.
