Sechin called Russia and China regulators of the global energy market

Russia and China are the regulators of the global energy market and the guarantor of global energy security. This assessment of the role of the two countries was given by the head of Rosneft, Igor Sechin, during his report at the VIII Russian-Chinese Energy Business Forum (RCEBF) in Vladivostok.

The two countries account for a third of the total energy produced in the world, in oil equivalent, this volume is equal to 4.8 billion tons of oil per year, Sechin explained. He noted that China controls about 30% of global industrial production, almost twice as much as the United States and the European Union combined. Over the past 20 years, this share has tripled, the head of Rosneft noted.

"In fact, China is the only industrial superpower — it accounts for 54% of steel production, 85-90% of rare earth metal processing, more than 70% of renewable energy equipment production capacity and more than 80% of all new ship production orders in the world," Sechin believes.

He expressed the opinion that China has overcome the Hormuz crisis thanks to "the early creation of reserves, large-scale electrification and partnership with Russia." According to him, this strategy is based on a balanced approach to ensuring energy security, which was implemented as part of the "four revolutions in the energy sector" proclaimed by Chinese President Xi Jinping in 2014.

"This year, China actually seized the initiative from OPEC and, without joining any cartels, was able to stabilize the global oil market by reducing oil imports by 5.5 million barrels per day. According to experts, if these measures had not been taken, the oil price could have increased by an additional $ 30 per barrel," Igor Sechin said.

According to Sechin, China's electricity generation capacity exceeds 4,000 GW. At the same time, the share of coal in the energy mix will remain at 40% for another 10 years, and Russia provides about 20% of these imports, the head of Rosneft noted.

China is also implementing the largest nuclear generation development program: currently, 64 nuclear reactors are in operation in the country (15% of all operating reactors in the world) and 37 reactors are under construction — about half of the projects implemented in the world, said the head of Rosneft.

Russia, which has expertise in the entire technological chain of the nuclear fuel cycle, from uranium mining to nuclear fuel utilization, is an active participant in cooperation in the field of nuclear generation, Igor Sechin emphasized.

Russia is the main supplier of enriched uranium to China, providing up to 90% of purchases. In 2025, the volume of these shipments increased by 40%

The head of Rosneft recalled that Russia has the world's largest oil and gas reserves — about 60 billion tons of oil equivalent, or 14% of the world's reserves. At the same time, the country remains the largest supplier of oil to China for the fourth year in a row. In the first seven months of this year, 67 million tons were delivered, and the share in Chinese imports reached a record 23%. Russia also covers up to 90% of China's purchases of enriched uranium and provides the entire cycle of peaceful atom technologies.

According to Sechin, this combination of resources creates the basis for synergy between the two countries. Russia provides stable supplies of energy resources and peaceful atom technology, while China provides a large sales market and an industrial base for joint projects. This distribution of roles, the head of Rosneft emphasized, paves the way for further economic prosperity of both countries.

Sechin also stressed during the report that mutual settlements between the countries are almost entirely conducted in national currencies. Consolidation of this trend, he said, requires additional adjustment of the clearing infrastructure and correspondent accounts with the support of the Bank of Russia and the People's Bank of China.

Concluding the report, Sechin noted the growing risks — tariff wars, dollar volatility, and the destruction of the international law system. He also expressed confidence in the success of the partnership.

"We have to win this race. The fate of our peoples depends on its outcome. As they say in China, "the east wind prevails over the west wind," summed up the head of Rosneft.

The forum was attended by about 450 people — representatives of more than 100 major Russian and Chinese companies in the energy industry, the financial sector and science. Russian President Vladimir Putin and Chinese President Xi Jinping sent greetings to the forum participants.