Translation. Region: Russian Federal
Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.
The current state of global energy is at the stage of forming a new image, said Igor Sechin, Chief Executive Officer of PJSC NK Rosneft, during his keynote speech “Odyssey of the World Economy in Search of the Golden Fleece. New Image of Global Energy” at the XXVIII St. Petersburg International Economic Forum.
“The current state of global energy is at the stage of forming a new image, caused by a multiple increase in electricity consumption, the generation of which will be provided by both fossil fuels and renewable sources,” the head of the Company noted at the Energy Panel.
In his report, Sechin spoke about the main factors influencing the change in this appearance, including the need to ensure energy security and commercial efficiency of energy sources, budget deficit and an avalanche-like growth in the level of public debt, as well as the demographics of developing countries. According to Igor Sechin, in the next 25 years, the population of African and Asian-Pacific countries will increase by 1.4 billion people.
Another factor that, according to the head of Rosneft, influences both energy production and consumption growth is the digital revolution with the use of artificial intelligence and work with big data.
“The electric power industry is acquiring a special role, which will have to overcome the risk of deficit due to the jump in consumption growth in China, India, developing countries and the gigantic need for electricity to supply data centers and heavy industry,” Sechin said. According to him, the growth in consumption will be accompanied by a qualitative increase in labor productivity based on new technologies. “The process has been launched. Today, the level of electricity generation in China is more than twice as high as its production in the United States, and 20 years ago it was the other way around,” he added.
In his report, Igor Sechin quoted one of the most authoritative scientists of our time, a supporter of a realistic approach to the transition to new energy sources, Vaclav Smil: “Energy is a universal currency. Without its transformation in some form, no achievements are possible.” “That is why modern societies with high energy consumption prefer to use resources with the highest useful energy output, primarily fossil fuels,” Sechin said.
According to the head of Rosneft, energy and progress are inseparable from each other – throughout history, the higher a person climbed the ladder of progress, the more energy he required.
“Those who can practically participate in the formation of a new image of energy will receive the opportunity for accelerated economic and technological growth. An analogy with the legend of the search for the Golden Fleece by the Argonauts, who overcame incredible obstacles and troubles on the way to achieving happiness and well-being, comes to mind,” Igor Sechin concluded.
Department of Information and Advertising of PJSC NK Rosneft June 21, 2025
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