Synthesis of Russian resources, Chinese technologies ensures stable development of two countries' economies - Sechin
MOSCOW. Nov 25 (Interfax) - A synthesis of Russian resources and the Chinese technological platform reliably ensures the stable development of the two countries' economies, taking into account the priorities of domestic consumption, said Igor Sechin, Executive Secretary of the Commission for Strategic Development of the Fuel and Energy Sector and Environmental Security, and CEO of the Rosneft oil company.
He said Russia provided nearly 19% of China's energy imports for around $100 billion in 2024. "In recent years, trade settlements between Russia and China have been almost entirely converted to national currencies, and the share of the dollar and euro has shrunk to the level of statistical error," Sechin said at the 7th Russia-China Energy Business Forum (RCEBF) in Beijing.
"China accounts for a third of global investment in the energy sector. This year, investment is expected to reach approximately $900 billion, 30% more than the entire North American total and more than 1.5 times that of Europe," Sechin said.
"Thanks to the higher efficiency of purchasing Russian oil compared to Middle Eastern alternatives, the cumulative economic benefit for China starting in 2022, according to our estimates, is approximately $20 billion," he said.
At the same time, he said the global oil industry continued to suffer from underinvestment. Spending on geological exploration is being particularly sharply reduced, he noted. For this reason, the organic reserve replacement rate for Western oil majors has been only around 40% over the past five years.
"The coal sector is experiencing a resurgence. Last year, China issued permits for the construction of approximately 100 gigawatts of new coal-fired generation. Unlike many Western countries, China understands that alternative energy can only complement traditional energy, not replace it," Sechin said, adding that Russia was supplying more than a quarter of China's coal imports.
"Cooperation between the two countries in the gas sector is also developing dynamically - Russia's share of supplies to China exceeds 20%," Sechin said.
"China is shaping a new global energy landscape, one that represents a synthesis of traditional and alternative sources. At the same time, the West followed the path of the well-known German philosopher Jakob Bohme, who preached a magical method for achieving results. As we say, 'by magic, by my will,' or 'with God's help,'" Sechin said.
