Latest news with #IgorSechin
The Sun
6 hours ago
- 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
6 hours ago
- 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.
Barnama
6 hours ago
- Business
- Barnama
OPEC+ Oil Production Hike Justified By Iran-Israel Conflict
ST. PETERSBURG, June 21 (Bernama-Sputnik/RIA Novosti) -- The decision of the OPEC+ group of major oil exporters to boost production is far-sighted and reasonable given the ongoing Iran-Israel conflict, Russian oil giant Rosneft CEO Igor Sechin said on Saturday, reported Sputnik/RIA Novosti. "The decision taken by OPEC+ leaders to boost production seems very far-sighted at the moment, and from the market's point of view, even reasonable, given the interests of consumers and the uncertainty about the scale of the Iran-Israel conflict," Sechin said in a keynote address at the 2025 St. Petersburg International Economic Forum's (SPIEF) Energy Panel. Despite the increase in OPEC+ production, an oil glut is unlikely in the long term because world reserves are at their lowest in five years, Sechin said. bootstrap slideshow "Despite the announced production increase, there are no signs of any surplus oil glutting the market in the long term. Global oil reserves are now at their lowest levels in the last five years," Sechin added. Eight OPEC+ countries — Russia, Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman — have voluntary obligations additional to quotas. Production limits of 1.65 million barrels per day (bpd) are in effect until the end of 2026. An additional 2.2 million bpd cut has been gradually phased out starting April. Starting in May, OPEC+ agreed to accelerate the withdrawal from these restrictions: since May, they have produced 411,000 bpd more than in April. Production will also increase by 411,000 bpd in June and July. The Russian city of St Petersburg is hosting the 28th edition of SPIEF from June 18-21 under the theme of "Shared Values: The Foundation of Growth in a Multipolar World." The Rossiya Segodnya international media group, RIA Novosti's parent company, is the forum's information partner. Rosneft has put an oil price of US$45 per barrel down in its business plan for 2025, and US$42-43 for the next year, CEO Igor Sechin said on Saturday. "We do not know what geopolitical factors will affect the market. Yet whatever it may be, our company Rosneft has the price of US$45 per barrel written down in its business plan for this year, and US$42-43 per barrel for next year. We do not want to depend on this volatility," Sechin said.
Mint
6 hours ago
- Business
- Mint
Russia's Top Oil Executive Says OPEC Was Astute to Boost Output
(Bloomberg) -- Steps taken by the OPEC group to boost oil supplies have proved astute, given developments in the Middle East conflict, according to Rosneft PJSC Chief Executive Officer Igor Sechin. 'The decision by OPEC leaders to raise production at accelerated rates appears highly far-sighted today, and from a market perspective, justified, considering consumer interests amid uncertainty about the scale of the conflict between Iran and Israel,' Sechin said at the St. Petersburg International Economic Forum on Saturday. Eight OPEC nations have expanded output by more than expected for three consecutive months. They are set to convene on July 6 to consider adding more barrels in August. Saudi Arabia favors further large increases in order to recoup market share as quickly as possible, people familiar with the matter said earlier this month. Sechin, a key ally of President Vladimir Putin, has previously criticized Russia's cooperation with the Organization of the Petroleum Exporting Countries. According to Sechin, Russia was losing market share, while US shale producers were increasing theirs. Rosneft, Russia's biggest oil producer, has based its 2025 business plan on an oil price of $45 per barrel, while the projection for next year is $42 to $43, Sechin said at the forum. The estimates are conservative as the company 'doesn't want to depend on the volatility' that's evident in the oil market currently, he said. It's been a turbulent week in the global oil market, with futures swinging in a range of around $8. Volatility has spiked to the highest since 2022 as Israel and Iran exchanged multiple strikes.
Yahoo
7 hours ago
- Business
- Yahoo
Russia's Top Oil Executive Says OPEC+ Was Astute to Boost Output
(Bloomberg) -- Steps taken by the OPEC+ group to boost oil supplies have proved astute, given developments in the Middle East conflict, according to Rosneft PJSC Chief Executive Officer Igor Sechin. Security Concerns Hit Some of the World's 'Most Livable Cities' One Architect's Quest to Save Mumbai's Heritage From Disappearing JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown 'The decision by OPEC+ leaders to raise production at accelerated rates appears highly far-sighted today, and from a market perspective, justified, considering consumer interests amid uncertainty about the scale of the conflict between Iran and Israel,' Sechin said at the St. Petersburg International Economic Forum on Saturday. Eight OPEC+ nations have expanded output by more than expected for three consecutive months. They are set to convene on July 6 to consider adding more barrels in August. Saudi Arabia favors further large increases in order to recoup market share as quickly as possible, people familiar with the matter said earlier this month. Sechin, a key ally of President Vladimir Putin, has previously criticized Russia's cooperation with the Organization of the Petroleum Exporting Countries. According to Sechin, Russia was losing market share, while US shale producers were increasing theirs. Rosneft, Russia's biggest oil producer, has based its 2025 business plan on an oil price of $45 per barrel, while the projection for next year is $42 to $43, Sechin said at the forum. The estimates are conservative as the company 'doesn't want to depend on the volatility' that's evident in the oil market currently, he said. It's been a turbulent week in the global oil market, with futures swinging in a range of around $8. Volatility has spiked to the highest since 2022 as Israel and Iran exchanged multiple strikes. Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? The US Has More Copper Than China But No Way to Refine All of It Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? ©2025 Bloomberg L.P.
