Sechin spoke at the VII Russian-Chinese Energy Business Forum

The seventh Russian-Chinese Energy Business Forum was held in Beijing, bringing together about 450 participants and representatives of more than 100 Russian and Chinese companies in the energy sector. Greetings to the forum were sent by Russian President Vladimir Putin and Chinese President Xi Jinping.

Igor Sechin, Executive Secretary of the Commission under the President of the Russian Federation for the Development Strategy of the Fuel and Energy Complex and Environmental Safety, Chief Executive Officer of Rosneft, read out the greeting of the President of the Russian Federation. In his further speech, he emphasized the strategic nature of the partnership between the two countries. He noted the record dynamics of trade: "Last year, the volume of mutual trade reached $245 billion," Sechin said, adding that energy supplies from Russia have become a key factor in the sustainability of the Chinese economy.

The head of Rosneft emphasized the almost complete transition of bilateral settlements to national currencies: "The share of the dollar and the euro has decreased to the level of statistical error," he said. According to Sechin, the global financial landscape is shifting towards alternative instruments, including gold, whose role is growing amid global instability.

Assessing Beijing's energy policy, Sechin said that China today is "the only modern industrial superpower" and is shaping a new image of global energy — a synthesis of traditional and alternative sources. He stressed that Russia remains the guarantor of Eurasia's energy security.: "The total value of our country's natural resources is almost $100 trillion."

Sechin also noted the economic effect of Russian oil supplies: "Higher efficiency of Russian oil purchases has given China about $20 billion starting in 2022." He pointed to the growing needs of the region: China's oil imports could grow by 1.4 million barrels per day by 2030.

The head of Rosneft paid special attention to cooperation in the nuclear energy sector and emphasized the competitiveness of Russian technologies: the cost of the VVER-1200 reactor, according to him, is "two times lower than the American equivalent of the AP1000."

Summing up, Sechin stated the key role of energy as the basis for the sustainable growth of the two countries: "Deepening our strategic cooperation is a tool to counter global challenges."

The next Russian-Chinese Energy Business Forum will be held in Russia in 2026.

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