Source: International Monetary Fund
Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
Source: International Monetary Fund
The EU Carbon Border Adjustment Mechanism (CBAM) came into force on October 1, 2023, introducing reporting requirements for importers of covered products and, from 2026, an obligation to pay a fee on the carbon content of imported goods. This paper uses indices of ad valorem tariffs to assess the incidence of the EU CBAM on both EU member states and the EU’s trading partners. Overall, the direct impact on EU countries’ trade is estimated to be small, adding 0.1 percent to the value of EU imports when averaged across all imports, and 0.04 percent to the average cost of non-EU countries’ exports to the EU—with a maximum of 1.2 percent. However, effects could be sizeable for specific products such as iron, steel and aluminium, which can help explain CBAM’s political salience. Moreover, an expanded CBAM featuring full coverage of ETS sectors and a significantly higher carbon price could entail larger costs in the more distant future.
Subject: Environment, Exports, Greenhouse gas emissions, Imports, International trade
Keywords: Carbon Leakage, Carbon Taxation, Emissions Trading, Exports, Global, Greenhouse gas emissions, Imports, Trade Policy
Source: Samsung
Today, a dozen of Slim Aarons’ most iconic mid-century jet-set scenes arrive on Samsung Art Store in a seasonal, summertime delivery of works from the legendary Photographer. These sunny images of exotic resort locations such as Lake Como, Marrakech, and Mabella join the two dozen works of Aarons’s already available for digital display on the Samsung Art Store.
This latest collection of images from Aaron’s to debut on the Samsung Art Store showcases photographs from the 1960s, 70s and 80s, capturing the world’s most exclusive summer resorts and society destinations, where his timeless vision comes alive in full kaftan clad splendor. This seasonal offering, curated by Samsung Art Store, invites you into Aarons’ timeless world, where sunlit patios set the stage for photographs of the bold personalities and effortless style Aarons is known for. Featuring some of his most famous photography such as Positano Beach (1979) and Poolside Gossip (1970), each image reflects Aarons’ ability to capture high society in its most unguarded, yet dazzling, moments.
“Slim Aarons photography is truly timeless and offers a window into an era defined by elegance and style,” says Daria Greene, Samsung Art Store’s Global Curator. “His extraordinary ability to transport viewers through space and time to the most exotic and exclusive locations of the 20th century is unmatched and accounts for his enduring popularity. As part of the Samsung Art Store catalogue, we’re now able to bring his work into millions of homes in an entirely new format for him.”
“Bringing Slim Aarons’ work to Samsung Art Store reflects our deep commitment to shaping a more accessible future for art and for artists around the world,” said Yong Su Kim, Corporate EVP and Head of Service Business Team. “Samsung Art Store was built to reimagine how art is experienced in the home — making the world’s most celebrated works available in a way that is personal, dynamic, and beautifully integrated into daily life.”
An Analog Icon Goes Digital
“Expanding the Slim Aarons catalog available on the Samsung Art Store supports our mission to keep Slim’s incredible artistic legacy alive in the 21st century,” said Shawn Waldron, curator of the Slim Aarons archive for Getty Images. “Slim provided the blueprint for aspirational living by focusing on timeless elegance and environments. The Samsung Frame television is the ideal digital product to honor and display his work in ways he could never have imagined in his lifetime.”
Slim Aarons’ famously described his photography as capturing “attractive people doing attractive things in attractive places,” a phrase that has become synonymous with his legacy. Now, with his work available on Samsung Art Store, Aarons’ timeless vision finds a new audience, offering an effortless way to transform any space. Samsung Art Store subscribers can also enjoy over 3,500 other works of art from over 800 artists with the service now available on Neo QLED 8K, Neo QLED, QLED, The Frame and The Frame Pro, which are powered by Samsung Vision AI for AI-enhanced picture and sound.
For more information, visit www.samsung.com.
Source: International Chamber of Commerce
Headline: ICC elects four new members to the Executive Board
The new members were formally elected during the annual meeting of the ICC World Council on 19 June 2025 and will each serve a three-year term effective 19 June 2025. The diverse experience of new members will enrich ICC’s roadmap to enable peace and prosperity through trade and reflects ICC’s continued commitment to geographic representation and diversity of expertise as the world’s largest and most inclusive business organisation.
The ICC Executive Board is responsible for developing and implementing ICC’s strategy, policy and programme of action as well as for overseeing the financial affairs of ICC.
ICC Chair Philippe Varin said:
“I’m very pleased to welcome this exceptional group of global leaders who bring deep expertise and fresh perspectives to ICC. Their leadership will be vital as we continue charting a path forward in delivering real-world solutions for business in a changing global environment. My thanks also to our outgoing Board members for their contributions.”
The new Board members are:
Mohammad Lootah
Mohammad Ali Rashed Lootah is the President and CEO of Dubai Chambers, where he leads strategic initiatives to enhance Dubai’s business environment, attract foreign investment, support global business expansion, and promote the digital economy. Prior to this role, he held several key leadership positions within Dubai’s Department of Economy and Tourism, including CEO of Commercial Compliance and Consumer Protection, overseeing areas such as consumer rights, business protection, and intellectual property. He also served in senior roles at the Department of Economic Development and the Dubai Land Department.
Zhang Hui
Zhang Hui is Vice Chairman, Executive Director and President of the Bank of China, roles he assumed between December 2024 and January 2025. He also serves as Vice Chairman of BOC Hong Kong (Holdings) Limited. Mr Zhang joined the Bank of China in 2024 after serving as Executive Vice President of China Development Bank from 2021 to 2024. Prior to that, he spent many years at Bank of Communications, where he held various senior roles including as Chief Risk Officer, general manager of several risk management departments, and president of regional branches including in Guizhou and Shanghai.
Anousheh Ansari
Anousheh Ansari is the CEO of XPRIZE, where she leads global innovation competitions addressing some of humanity’s most pressing challenges. A tech entrepreneur and space pioneer, Ms Ansari co-founded and led Prodea Systems, an IoT company recognised among Inc. Magazine’s 500 fastest-growing firms. In 2006, she became the first female private space explorer, the first astronaut of Iranian descent, and the first Muslim woman in space. Under her leadership, XPRIZE has awarded over US$81 million and launched US$361 million in active competitions. Ms Ansari also serves in various global advisory roles, including with the World Economic Forum, GESDA and UNESCO, and is an advocate for women entrepreneurs through initiatives like The Billion Dollar Fund for Women.
Kobkarn Wattanavrangkul
Kobkarn Wattanavrangkul is a Thai business leader and former Minister of Tourism and Sports, known for her contributions to both public policy and corporate governance. As Thailand’s tourism minister from 2014 to 2017, Ms Wattanavrangkul championed sustainable tourism and cultural heritage. She currently serves as Chair of the Board of Directors at Kasikornbank and Toshiba Thailand, and plays an active role in advancing education, innovation and international cooperation through various institutional boards. Ms Wattanavrangkul’s career reflects a strong commitment to inclusive and sustainable development in Thailand.
Elected to serve on the ICC Executive Board for a second term during the World Council meeting were Holger Bingmann (Germany), Managing Partner, Bingmann Pflüger International GmbH, Rebecca Enonchong (Cameroon), CEO, AppsTech and Chair of Afrilabs, Marjorie Yang (Hong Kong), Chair, Esquel Group, Lama Al Sulaiman (Saudi Arabia), Shareholder and Board Member of Rolaco Holdings, KSA and LUX and Justin D’Agostino (Hong Kong), Global CEO, Herbert Smith Freehills Kramer.
Outgoing Board members are Candace Johnson (United States/Luxemburg), Vice-Chair, NorthStar Earth and Space, Fredrik Cappelen (Sweden), Chairman and Board Member in the Swedish and Nordic industry, Valentina Mintah (Ghana), Founder West Blue Consulting, Zhang Xiaolun (China) Chair, China National Machinery Industry Corporation (SINOMACH).
The ICC World Council also ratified the re-election of Rifat Hisarcıklıoğlu as Chair of the ICC World Chambers Federation (WCF) for a second three-year term commencing 20 June 2025. Mr Hisarcıklıoğlu is Chair of ICC Türkiye and President of the Union of Chambers and Commodity Exchanges of Türkiye (TOBB).
Source: Asia Development Bank
Tajikistan is among the countries most vulnerable to climate and disaster risks. With help from partners like the Asian Development Bank (ADB), the country is working to improve how it prepares for and responds to these challenges. These efforts are focused on building long-term resilience and ensuring a safer future for its people.
Source: Thales Group
Headline: Thales and Qatar Airways sign agreement regarding the latest IFE Technologies and dedicated local Service Hub to support airline’s strategic growth plan
Thales, a global technology leader in the defence, aerospace, cybersecurity and digital solutions markets, and Qatar Airways, a multiple award-winning airline recently voted the ‘World’s Best Airline’ by Skytrax in 2025, have signed a Memorandum of Agreement (MoA) to support Qatar Airways’ strategic fleet growth plan announced last month. This agreement sets the course for future inflight entertainment (IFE) innovations to support Qatar Airways’ digital transformation journey, giving the airline access to the most innovative technologies.
In addition, this MoA covers the opportunities for development of a dedicated IFE service and maintenance center based in Doha, Qatar. The mission of this local Thales facility is to provide rapid access to services such as repair, spare distribution, technical assistance and turnkey maintenance for the full range of Thales IFE products on Qatar’s growing new fleet. The state-of-the-art facility will be designed to ensure the highest standards of operational efficiency.
The purpose of this MoA is to support Qatar Airways’ growth and the expansion of its new fleet. It builds on a strong and long-standing relationship between the two companies. Over the years, Thales has been Qatar Airways’ trusted IFE provider for several aircraft platforms, including their Boeing 787-8 Dreamliner, and Airbus A350 and A380 aircraft. This partnership was recently expanded to include Qatar Airways’ new A321 NX fleet, which will be equipped with Thales’ award-winning FlytEDGE cloud-native IFE solution.
In alignment with Qatar Vision 2030, this partnership will help drive industry-leading innovations and contribute to the growth of the local aerospace and MRO (Maintenance, Repair and Operations) ecosystem by bringing high-skilled jobs to the country.
Qatar Airways Chief MRO Officer, Eng. Ali Al Saadi said: “We are pleased to witness the continued advancement of our collaboration with Thales. As we strive to maintain the highest standards in aviation technology and operational excellence, it is imperative that we remain at the forefront of innovation. Our partnership with Thales reinforces this ambition and supports our ongoing commitment to delivering industry-leading solutions.”
Yannick Assouad, Executive Vice-President, Avionics, Thales said “We are pleased to grow our partnership with Qatar Airways. This MOA highlights, once again, our mutual dedication to innovative technologies and the highest standards of operational excellence. It paves the way for a local service hub and growing expertise in Doha, bolstering the airline’s future growth ambitions.”
About Thales
Thales (Euronext Paris: HO) is a global leader in advanced technologies for the Defence, Aerospace, and Cyber & Digital sectors. Its portfolio of innovative products and services addresses several major challenges: sovereignty, security, sustainability and inclusion.
The Group invests more than €4 billion per year in Research & Development in key areas, particularly for critical environments, such as Artificial Intelligence, cybersecurity, quantum and cloud technologies.
Thales has more than 83,000 employees in 68 countries. In 2024, the Group generated sales of €20.6 billion.
Source: Samsung
Samsung Electronics is revolutionizing 3D gaming with the launch of the Odyssey 3D (G90XF), a glasses-free 3D gaming monitor that eliminates the inconvenience and discomfort traditionally associated with 3D content.
3D displays create a sense of dimension using binocular disparity, in which the brain perceives depth by processing the slightly different images seen by each eye. Leveraging this principle, the Odyssey 3D delivers a glasses-free 3D experience by precisely presenting different images to each eye without the need for external equipment. The eye-tracking technology is designed to recognize users’ eyes even when they are wearing glasses.
The Three Core Technologies Behind Odyssey 3D
The Odyssey 3D monitor leverages three core technologies—eye tracking, view mapping, and a lenticular lens—to deliver immersive 3D experiences.
Eye tracking is enabled by a stereo camera mounted at the top of the monitor, detecting and tracking the user’s eye movements in real time.
The two cameras capture different images, much like human eyes, they can determine the exact position of the user’s eyes and distance between the eyes and the monitor in real time. This real-time eye position detection allows Odyssey 3D to deliver a precise 3D image, even when the user moves.
Based on this data, the system calculates the correct pixel positioning for each eye and reconstructs a single image through a process called view mapping. The final mapped images are then separately delivered to each eye through the lenticular lens, allowing the images from the display panels to be visible to each eye by utilizing light refraction.
Beyond its 3D capabilities, the Odyssey 3D excels as a high-performance gaming monitor, offering exceptional picture quality and fast response times for 2D gameplay. The lenticular lens activates only when 3D mode is enabled by Odyssey 3D Hub, ensuring optimal performance in all scenarios.
Minimizing Crosstalk with Samsung’s Advanced Display Technology
To address common issues like crosstalk—where misaligned images cause visual discomfort—Samsung employs advanced techniques such as post-assembly calibration, hardware-specific data storage, and a deep learning-based eye-tracking algorithm. Additionally, a specially engineered display cell coating reduces light distortion and glare, further enhancing image clarity.
The Odyssey 3D represents Samsung’s commitment to pushing the boundaries of display innovation, offering gamers a smarter, sharper, and crosstalk-free 3D experience while maintaining top-tier performance for 2D content. This groundbreaking monitor not only redefines immersive gaming but also solidifies Samsung’s leadership in the gaming monitor market.
Source: Huawei
Headline: Huawei OceanStor Dorado All-Flash Storage Named One of DCIG TOP 5 Cybersecure NAS Solutions
[Shenzhen, China, June 23, 2025] The Data Center Intelligence Group (DCIG), a leading global technology research and analysis firm, has listed Huawei OceanStor Dorado All-Flash Storage in its 2025-26 DCIG TOP 5 Cybersecure 10PB+ NAS Solutions report. The Huawei OceanStor Dorado All-Flash Storage has earned a number of plaudits for its leading data resilience and NAS capabilities.
Huawei OceanStor Dorado All-Flash Storage named a 2025-26 DCIG TOP 5 Cybersecure 10PB+ NAS Solution
In the report, DCIG predicts the global NAS market will nearly triple in the next seven years, but this widespread adoption also brings escalating challenges to resilience, especially from the growing threat of ransomware. As a result, enterprises are placing greater emphasis on data resilience when selecting NAS storage.
The report indicates that enterprises should prioritize data resilience when purchasing NAS storage—focusing on key features such as ransomware detection, at-rest encryption, secure snapshots, and permission management and control. To support this, DCIG evaluated the storage services and data resilience capabilities of 24 mainstream NAS solutions for its report, looking at multiple dimensions, including reliability, performance, and resilience. The report provides valuable insights for enterprises looking to purchase NAS storage.
The report marked Huawei OceanStor Dorado All-Flash NAS Storage as a standout product in a number of areas:
All-round ransomware protection: The solution’s built-in pre-event, in-event, and post-event ransomware detection capabilities enable faster, more accurate detection, and a ransomware detection rate of up to 99.99%. It also proactively protects data using cutting-edge technologies such as built-in honeyfiles and Air Gap.
Stable and reliable: The solution uses a SmartMatrix Full-Mesh Architecture, along with the unique NAS active-active solution, to deliver 99.99999% reliability. It also supports seamless upgrades from a single device to multi-site disaster recovery (DR) solutions, such as active-active, 3DC, and 4DC DR, to ensure always-on services.
Efficient and agile: The innovative scale-out file system OceanFS can improve the system processing capability, while its intelligent metadata layout and directory balancing algorithm significantly boost file access performance, delivering 30% better access performance for massive small files compared to the industry’s next best.
Huawei OceanStor Dorado All-Flash Storage has been named one of DCIG TOP 5 cybersecure storage solutions for multiple consecutive years. Huawei has committed itself to prioritizing innovation and investment to elevate storage performance, reliability, and resilience, aiming to establish itself as the number one choice for customers across a vast range of industries.
For more details about the 2025-26 DCIG TOP 5 Cybersecure 10PB+ NAS Solutions report, please visit: https://e.huawei.com/en/material/enterprise/55b136cea83242b7978145891e9aadb3
Source: ASEAN
ASEAN Set to Honour Mining Excellence at 4th ASEAN Mineral Awards in Lao PDR
The spotlight will soon shine on the region’s mining sector as ASEAN prepares to honour top-performing companies in the 4th ASEAN Mineral Awards (AMA), to be announced during the 10th ASEAN Ministerial Meeting on Minerals (AMMin) in the week of 29 September 2025 in Vientiane, Lao PDR.
Held biennially, the AMA recognises excellence in environmentally and socially responsible mining and minerals processing practices across Southeast Asia. The prestigious awards ceremony will take place during the AMMin Gala Dinner, a highlight of the ASEAN minerals calendar.
The awards celebrate companies that have demonstrated significant contributions to sustainable development in the sector—ranging from community upliftment and workforce development, to improved resource efficiency and enhanced environmental, health and safety standards.
Six awards will be given across two mineral categories:
Metallic Minerals:
Best Practices in Mining
Best Practices in Processing (including smelting)
Best Practices in Distribution (including transport, handling, storage)
Non-metallic Minerals:
Best Practices in Mining
Best Practices in Processing
Best Practices in Distribution
Launched in 2017, the AMA has become a key platform for recognising regional excellence. While the first and second editions were held in 2017 and 2019 respectively, the third edition—originally planned for 2021—was postponed to 2023 due to the COVID-19 pandemic.
In addition to the awards, ASEAN will unveil a special AMA Handbook showcasing the achievements of winners and finalists. The publication will document real-world examples of best practices in the region’s minerals sector, serving as a reference and inspiration for future innovation.
Applicants and stakeholders are encouraged to consult the official guidelines and contact their respective ASEAN Member State Focal Points for national nomination timelines and submission procedures.
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The post ASEAN Mineral Awards 2024 appeared first on ASEAN Main Portal.
Source: ASEAN
The Meeting between the Committee of Permanent Representatives to ASEAN (CPR) and the National Coordinators of the Pacific Alliance was convened on 23 June 2025 at the ASEAN Headquarters/ASEAN Secretariat, in hybrid format. The Meeting exchanged views on developments in both regions, reviewed the implementation of the ASEAN–Pacific Alliance Work Plan 2021–2026, and reaffirmed the shared commitment to deepening cooperation for mutual benefit.
The Meeting was attended by the CPR, National Coordinators of the Pacific Alliance, with in-person attendance of the Ambassadors and representatives from the Embassies of Pacific Alliance Member Countries in Jakarta, representatives from the ASEAN Secretariat. Timor-Leste attended as Observer.
Source: ASEAN
Secretary-General of ASEAN, Dr. Kao Kim Hourn, today delivered a pre-recorded keynote address at the 6th ASEAN Autism Congress held in Vientiane, Lao PDR. In his remarks, he reaffirmed ASEAN’s strong commitment to advancing disability-inclusion and the empowerment of persons with autism as integral to building a caring, people-centred, inclusive, and socially responsible ASEAN Community. Organised by the ASEAN Autism Network (AAN) and the Association for Autism of Lao PDR, the event serves as a platform for ASEAN Member States and stakeholders to promote regional cooperation, strengthen civil society engagement, and advance the implementation of the ASEAN Enabling Masterplan 2025:Mainstreaming the Rights of Persons with Disabilities through inclusive sports, dialogue, and strategic collaboration on autism advocacy.
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Source: ASEAN
Secretary-General of ASEAN, Dr. Kao Kim Hourn, today delivered a pre-recorded keynote address at the 6th ASEAN Autism Congress held in Vientiane, Lao PDR. In his remarks, he reaffirmed ASEAN’s strong commitment to advancing disability-inclusion and the empowerment of persons with autism as integral to building a caring, people-centred, inclusive, and socially responsible ASEAN Community. Organised by the ASEAN Autism Network (AAN) and the Association for Autism of Lao PDR, the event serves as a platform for ASEAN Member States and stakeholders to promote regional cooperation, strengthen civil society engagement, and advance the implementation of the ASEAN Enabling Masterplan 2025:Mainstreaming the Rights of Persons with Disabilities through inclusive sports, dialogue, and strategic collaboration on autism advocacy.
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Source: Rosneft
Headline: Igor Sechin Presents Keynote Speech at SPIEF-2025 Energy Panel
As part of the XXVIII St. Petersburg International Economic Forum, an Energy Panel organized with the support of Rosneft was held. Igor Sechin, Chief Executive Officer of the Company, presented the keynote speech “Odyssey Of The Global Economy In Search Of The Golden Fleece. The New Landscape Of Global Energy”.
The head of Rosneft presented a detailed analysis of the current situation on the energy market.
Special attention in the report was paid to the overdue transformation of the global energy sector. The development of high technologies requires a significant amount of natural resources, including energy resources. Training and use of artificial intelligence on the basis of large data processing centers is a highly energy-intensive process.
Igor Sechin noted in his report that our civilization is at a critical juncture – the global energy industry is facing a large-scale transformation and the energy consumption model is changing. Against this backdrop, every country is facing the issue of the need to ensure energy security.
Huge investments made in recent years to develop alternative energy sources have not yielded tangible results. Moreover, the inclusion of renewable energy sources in the energy systems of a number of countries has reduced reliability and even caused large-scale blackouts.
The Energy Panel at SPIEF also brought together heads of major energy companies and leading market experts to discuss the prospects and new vectors of global energy development in the emerging multipolar world.
The event was also attended by Mohammed Bin Saleh Al-Sada, Chairman of Rosneft’s Board of Directors, Delcy Rodriguez, Executive Vice President of the Republic of Venezuela, Zhang Daowei, Vice President of CNPC, Panda Madhusudana Shiva Prasad, Executive Director of Reliance Industries, Simon Aloysius Mantiri, Chief Executive Officer of Pertamina, Alexander Dynkin, Academician of the Russian Academy of Sciences, Zhurabek Mirzamakhmudov, Minister of Energy of the Republic of Uzbekistan, Zhurabek Mirzamakhmudov, Chairman of the Supervisory Board of the Japanese Government’s non-profit initiative for the development of a new oil and gas industry in the Republic of Uzbekistan, and the Chairman of the Supervisory Board of the Japanese Government’s non-profit initiative for the development of a new oil and gas industry.
The Energy Panel was moderated by Rick Sanchez, a renowned American journalist and host of the RT TV channel.
THE NEW FACE OF GLOBAL ENERGY
The current state of the global energy industry is at the stage of forming a new image due to the multiple growth of electricity consumption, the generation of which will be provided by both fossil fuels and renewable sources, said the head of Rosneft. In his report, Igor Sechin described the main factors influencing the change in this image, including: the need to ensure energy security and commercial efficiency of energy sources, budget deficit and avalanche growth of public debt, as well as the demography of developing countries.
Another factor that, according to the head of Rosneft, affects both energy production and consumption growth is the digital revolution with the application of artificial intelligence and work with big data.
The electric power sector will have a special role to play, as it will have to overcome the risk of shortages due to the surge in consumption growth in China, India, developing countries and the huge need for electricity to supply data centers and heavy industry. According to Sechin, already today the level of electricity generation in China is more than twice as high as in the U.S., whereas 20 years ago the situation was the opposite.
In his opinion, investments in this sector will exceed investments in fossil fuels by 50% as early as 2025. ” Indeed, over the past 15 years, electricity consumption has grown at a faster pace, and according to IEA projections, electricity generation is set to nearly double over the next 25 years,” Igor Sechin added.
At the same time, the largest contribution to this growth will also be made by the countries of the Asia-Pacific region, which will provide 60% of the consumption growth. “This trend is particularly evident in India, where peak demand on the power system has risen by nearly 70% over the past decade,” said the head of Rosneft.
In his report, Igor Sechin quoted Vaclav Smil, one of the most respected scientists of our time and a proponent of a realistic approach to the transition to new energy sources: “Energy is the universal currency. One of its many forms must be transformed to get anything done.”
The head of Rosneft noted that modern societies with high energy consumption prefer to use resources with the highest useful energy yield, primarily fossil fuels.
“Those who can actually take part in shaping the new energy landscape will have the opportunity to achieve advanced economic and technological growth. This brings to mind the legend of the search for the Golden Fleece by the Argonauts who overcame enormous hurdles and troubles on the way to achieving happiness and prosperity,” Igor Sechin said.
The synthesis of conventional and alternative energy sources is currently the optimal solution for the development of the global energy sector, the head of Rosneft is convinced.
Igor Sechin emphasized that the search for new energy sources never stops, and today there is active work on the development of a number of promising technologies. However, their full-fledged implementation is still a long way off, as current technological solutions in this area are too expensive and inferior to traditional energy sources in terms of a number of parameters.
CHINA: SMART APPROACH AND ENERGY INDEPENDENCE
Igor Sechin noted that China is a unique example of a competent approach to the development of the energy system – the country now accounts for a third of global investments in the energy sector.
“In my opinion, 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. There is no doubt, taking into account the persistence and professionalism of the 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,” Rosneft CEO said.
In recent years, China has been commissioning the largest amount of new renewable energy capacity and is home to more than 70% of the world’s green economy equipment manufacturing capacity. This applies to the entire value chain: from critical minerals to the production of high-tech equipment that has no analogues in Western countries, Sechin emphasized.
The head of Rosneft also noted China’s efforts in increasing investments in related infrastructure: investments in power grids increased by 15% last year and may double this year.
At the same time, China has never abandoned fossil fuels. The country has outpaced the rest of the world in terms of commissioning new coal-fired generation capacity over the past five years. “Today, coal accounts for almost 60% of China’s electricity generation. Last year alone, China issued permits for about 100 gigawatts of new coal-fired power generation , the highest in a decade, which should strengthen coal’s role in the grid,” the Rosneft head emphasized.
Igor Sechin noted that an important part of the strategy to reduce dependence on energy imports is the processing of coal into synthetic fuels and chemical products.
“Chinese companies are investing billions of dollars in the development of this industry. According to experts, today in China 40 million tons of coal is used to produce synthetic fuels and more than 260 mln tons for ammonia and methanol production,” Igor Sechin stressed.
ROSNEFT SYNTHETIC OIL
Rosneft has completed the development of proprietary technologies and catalysts throughout the entire chain of the GTL process and plans to introduce this technology in Taimyr, Igor Sechin said. He added that all stages of the technological process are covered by relevant patents.
The head of the Company demonstrated to the participants of the energy panel a flask with the obtained fuel, noting that it is synthetic oil consisting of the purest hydrocarbon molecules with zero sulfur content.
“To anyone who is interested, we are ready to provide samples,” he added, addressing the participants and audience of the Energy Panel.
NUCLEAR RENAISSANCE
The importance of nuclear power, which is a natural complement to fossil fuels, is growing, Igor Sechin noted.
A few years ago, the nuclear power industry was in a deep crisis due to the decline in activity in the industry. However, then the situation started to change. “Over the past five years, global annual investments in nuclear energy have increased by 50%, reaching 70 billion dollars last year . China has become one of the leaders in nuclear power today. Over the past ten years, the installed capacity of nuclear generation in this country has increased fivefold and approached 60 GW. China plans to complete the construction of 32 more reactors in the coming years,” said Rosneft’s head.
At the same time, Sechin called it important that China relies on the latest technological achievements of the leading nuclear powers – Russia, the United States and France – to develop its nuclear industry.
He noted that Russia has many years of experience in building nuclear power plants. The cost of the most modern Russian VVER-1200 reactor is significantly lower than that of the American AP-1000. Today, such reactors are already operating in Russia and are planned to be commissioned in friendly countries.
“Today, Russia is the only country in the world that has expertise in the entire technological chain of the nuclear fuel cycle, from uranium mining to nuclear fuel disposal. In total, 80 nuclear reactors have been built in the world using Russian technologies,” Igor Sechin said.
Also, a sodium-cooled nuclear reactor belonging to the category of fast neutron reactors, the BN-800, has been successfully operating in our country for ten years, another latest-generation fast neutron reactor, the BN-1200, is under construction.
The head of Rosneft expects further growth of investments in the nuclear sector: new technologies, such as small modular reactors, are now attracting increased attention from investors. While such reactors are more mobile, their implementation also requires investments in the development of power grids. In addition, special attention should be paid to their safety and security against terrorist threats.
ENERGY – DRIVING FORCE OF THE NEW TECHNOLOGICAL REVOLUTION
The energy sector is one of the main drivers of the new technological revolution, Igor Sechin believes.
He noted that the digital revolution with the application of artificial intelligence and work with big data should become the basis for labor productivity growth. According to the assessment of investment bank Goldman Sachs, large-scale implementation of high technologies will increase labor productivity by 1.5 p.p. for developed countries and by 1 p.p. for developing countries within 10 years.
“The development of advanced technologies requires substantial natural resources, as well as large-scale investments in infrastructure and human capital. This, in turn, means a multiple increase in energy consumption,” Rosneft CEO noted.
He recalled that the use of artificial intelligence on the basis of big data processing centers is a highly energy-intensive process. Such centers, according to Sechin, will contribute more to the growth of global electricity demand than heavy industry or heat supply.
Igor Sechin also cited the development of the cryptocurrency market as an example of the impact of digitalization on the global energy system. According to him, in less than ten years, cryptocurrency has become an independent industry that today consumes resources on a par with entire countries. For example, the energy consumption of the entire bitcoin network as of May 2025 has already exceeded the level of electricity consumption in Poland.
“GREEN” TRANSITION TO REGRESSION
Proponents of the “net zero” concept are leading mankind to energy regression, Igor Sechin believes.
He recalled that whenever mankind switched to a new type of fuel, the efficiency of the energy system increased and its capabilities expanded. “This was due to the fact that the new energy source usually had a higher energy flux density,” the Rosneft head explained.
Eminent scientist Pyotr Kapitsa proved – energy flow density is a key characteristic of any kind of energy. “By this indicator, such types of fossil fuels as coal (135.1 W/m2), oil (195 W/m2) and gas (482 W/m2), as well as nuclear energy (241 W/m2) are far ahead of both solar (6.6 W/m2) and wind energy (1.8 W/m2) . Thus, the concept of ‘net zero’ actually crosses out centuries of progressive development of society, offering mankind an energy regression,” said the head of Rosneft.
At the same time, European politicians do not have the courage to publicly recognize this fact. “Their blind faith in the ‘green’ transition already resembles an addiction. As one of the classics of French literature aptly put: ‘A red nose is a sign of constancy of character’,” Igor Sechin emphasized. The ill-considered strategy of abandoning conventional generation has already resulted in the fact that the cost of electricity in Europe today is five times higher than in the US, he added.
Sechin also reminded that the European Union continues to try to push through the reduction of the price cap on Russian oil to 45 dollars per barrel.
“I believe that the real purpose of this is the EU’s desire to increase the efficiency of its purchasing from Russia, not to reduce Russian budget revenues, as was publicly declared. Figures confirm this: according to Western experts, since the beginning of 2023, Europe has purchased more than 20 billion euros worth of Russian oil, thus becoming the fourth largest buyer,” Sechin said.
However, he thinks it is clear that the U.S. will not agree to lower the price cap because it would negatively affect the profitability of U.S. oil exports.
THE DECLINE OF THE WEST
Igor Sechin noted that interest payments on the U.S. government debt divert significant budgetary resources. He reminded that the predicament in which developed countries find themselves due to the growth of government debt is already reflected in the assessment of their creditworthiness. Thus, in May, Moody’s became the last of the three leading international rating agencies to strip the US of its highest credit rating.
The Rosneft head explained that with the growing deficit, interest payments divert significant budget resources from social and defense spheres. “Last year, net interest payments on the national debt reached a trillion dollars, which accounted for 14% of all state budget expenditures, exceeded defense spending and is already approaching the amount of healthcare spending,” Sechin said.
The head of Rosneft also recalled on history and gave an example of how great powers come to decline due to excessively high levels of government debt. ” By the late 18th century, French rulers had experienced firsthand how a fiscal guillotine could swiftly transform into a literal one,” Igor Sechin noted.
By that time, France had accumulated so much debt that it took more than half of all government expenditures to service it, which led to an increase in taxes. According to the Rosneft CEO, this was one of the main reasons for the Great French Revolution, which, in essence, ensured the transition from a monarchy to a bourgeois parliamentary republic.
INDUSTRY LEADERS
The Energy Panel of the XXVIII St. Petersburg International Economic Forum continued with presentations by leading industry experts, politicians, scientists, government officials and heads of major international energy companies.
Their assessments and forecasts largely coincided with the industry development concept presented by Igor Sechin, head of Rosneft.
Mohammed Bin Saleh Al-Sada, Chairman of Rosneft’s Board of Directors, opened the discussion of Igor Sechin’s report, noting the depth of his analysis. “It was comprehensive – the way you showed that progress and energy are inseparable,” Al-Sada addressed Sechin.
The head of Rosneft’s Board of Directors drew the audience’s attention to the fact that despite the active promotion of the idea of transition to renewable energy sources, the share of fossil energy sources in the energy mix has not changed in recent decades. He recalled that Igor Sechin mentioned in his report that fossil fuels account for 80% of the global energy balance.
“I would also like to take as a baton from Mr. Sechin, and pass my comment to you. It’s like food for thought: are we really moving from fossil fuels to renewable fuels?”,” Al-Sada addressed the audience.
Zhang Daowei, Vice President of China’s CNPC, noted that he listened with interest to the report of Rosneft’s CEO. In his speech, the top manager of the Chinese company expressed similar assessments of the ways of global energy development, in particular, the need for synergy between traditional and new energy sources.
According to the vice president, CNPC, on the one hand, continues to increase the exploration and development of oil and gas fields domestically and import high-quality resources from abroad, including strengthening long-term cooperation with Russia in hydrocarbon trade. On the other hand, CNPC is actively pursuing a “green” strategy, low-carbon development and realizing the development of a “three-step strategy” combining oil and gas projects with wind, solar, geothermal, hydrogen and carbon capture technologies.
Simon Aloysius Mantiri, President and CEO of Pertamina Indonesia, said the company is pursuing a dual growth strategy that is based on both conventional resources and low-carbon solutions. At the same time, natural gas plays an important role in the country’s energy mix.
The head of Pertamina doubled down on the thesis of Igor Sechin’s report and emphasized that by achieving a balance of energy sources and a comprehensive approach, the company is able to ensure high rates of economic growth and, in parallel, carbon neutrality.
Reliance Industries executive director P.M.S. Prasad said India is not choosing between energy access and innovation. “India is integrating both. By developing scalable, context-specific solutions, India is addressing local priorities while making a significant contribution to global sustainability. From rural microgrids to energy efficient data centers, India is turning its potential into a strategic asset,” Prasad said.
He also emphasized the significant role of nuclear power generation in the country’s energy balance and spoke about plans to build nuclear power plants in India, including modular ones.
The renewed interest in investments in NPP construction was noted in the speech of the Minister of Energy of Uzbekistan Zhurabek Mirzamakhmudov. He told about joint plans with Russia to build two units of 55 megawatts each, and two units of WWR type reactors – water-water energetic reactor. The head of the ministry also said that gas-fired power plants are being installed in the country , hydropower is being developed, the share of renewable sources is increasing, and storage systems are being created at the same time.
The Minister noted the substantial nature of Igor Sechin’s report, which contains a detailed analysis and reflects all trends in the development of global energy, science and economy.
In her speech, Delcy Rodriguez, Executive Vice President of the Republic of Venezuela, supported the thesis expressed by the Head of Rosneft that energy security issues should come first and named the main components of a stable energy system of the future: energy security, reliable supplies, accessibility for all, and at the same time respect for nature – with minimal environmental impact.
Speaking about the main threats to energy security, Rodriguez supported Igor Sechin’s assessment: illegal sanctions against producing countries and the hegemony of the dollar are the main threats.
Nobuo Tanaka, Chairman of the Supervisory Board of the Japanese government’s non-profit Low Carbon Technology Initiative, for his part, said that the answer to energy security is always related to diversifying sources of supply, improving energy efficiency and seeking alternative energy sources, including renewable energy, nuclear energy and regulating the market through predictable policies.
Igor Sechin’s thesis that the digital revolution opens a new era in the development of the oil and gas industry was warmly echoed by the audience. In particular, David Gadzhimirzaev, General Director of TOFS Oilfield Services Group, thanked Rosneft for supporting innovation and technology development. He emphasized the importance of ensuring the availability, stability and reliability of resources, which is exactly what new technologies that will reduce the cost of bringing barrels to the surface can provide.
REPORT OF THE CHIEF EXECUTIVE OFFICER OF ROSNEFT I.I. SECHIN AT THE SPIEF ENERGY PANEL
PRESENTATION OF I.I. SECHIN`S REPORT AT THE SPIEF ENERGY PANEL
Department of Information and Advertising
Rosneft Oil Company
June 21, 2025
Source: Rosneft
Headline: Global Energy Balance: Heads of Major Energy Companies, Experts Discuss Future of Energy Sector at SPIEF
At the Energy Panel of the XXVIII St. Petersburg International Economic Forum, leading industry experts, politicians, scientists, government officials and heads of major international energy companies discussed current trends in the global energy market.
Their assessments and forecasts largely coincided with the visionary concept of industry development presented by Igor Sechin, Head of Rosneft. In his report “Odyssey of the Global Economy in Search of the Golden Fleece. The New Landscape a of the Global Energy Industry”, he announced that the current state of the global energy industry is at the stage of formation of a new image due to the multiple growth of electricity consumption, the generation of which will be provided by both fossil fuels and renewable energy sources. According to him, the optimal solution today is “synthesis of conventional and alternative energy sources”.
The event, organized with the support of Rosneft, was addressed by Mohammed Bin Saleh Al-Sada, Chairman of the Rosneft Board of Directors, Delcy Rodriguez, Executive Vice President of the Republic of Venezuela, Simon Aloysius Mantiri, Chief Executive Officer of Pertamina, Zhang Daowei, Vice President of CNPC, Shiva Prasad Panda Madhusudana, Executive Director of Reliance Industries, Alexander Dynkin, Academician of the Russian Academy of Sciences, Zhurabek Mirzamakhmudov, Minister of Energy of the Republic of Uzbekistan, Nobuo Tanaka, Chairman of the Supervisory Board of the Japanese government’s non-profit Low Carbon Technology Initiative, and David Gadzhimirzaev, President of TOFS.
ENERGY TRANSITION WITHOUT TRANSITION
Mohammed Bin Saleh Al-Sada opened the discussion of Igor Sechin’s report, noting the depth of his analysis. “It was comprehensive – the way you showed that progress and energy are inseparable,” Al-Sada addressed Sechin.
The head of Rosneft’s Board of Directors drew the audience’s attention to the fact that despite the active promotion of the idea of transition to RES, the share of fossil energy sources in the energy mix has not changed in recent decades. He recalled that Igor Sechin mentioned in the report that fossil fuels account for 80% of the global energy mix. “And this statistic has not changed for the last 20 years! We are fluttering around these 80% fossil fuels and energy sources, and so not much has changed!” exclaimed Al-Sada, describing the situation in the global energy sector.
“In other words, we are essentially not making any transition away from hydrocarbons,” he concluded, emphasizing that the transition to renewables is being imposed on the industry and the public.
“I would also like to take as a baton from Mr. Sechin, and pass my comment to you. It’s like food for thought: are we actually transitioning from fossil fuels to renewable fuels?“,” Al-Sada addressed the audience.
The Rosneft Chairman also noted that energy demand does not always coincide with production growth for various reasons.
“I would like to express two small thoughts in order to further enhance the valuable things we heard in Mr. Sechin’s words. <...> Lack of investment is already a reality in the hydrocarbon and energy sectors. This is something that could really bring us to a serious energy shortage. “If this trend continues we could face an energy shortage. This is not only my personal opinion, but also what a large number of analysts, including the International Energy Agency, and other respected experts, who in their reviews have emphasized the importance of having sufficient investment in the hydrocarbon sector. Otherwise, we will face the risk of a primary energy shortage!”, emphasized Al-Sada.
FUTURE FOR SYNERGY
Zhang Daowei, Vice President of China’s CNPC, remarked on the interest in the report by Rosneft’s CEO. In his speech, the top manager of the Chinese company expressed similar assessments of the ways of development of the global energy sector – in particular, the need for synergy between traditional and new energy sources.
“We have always believed that in the context of the energy transition course, it is necessary to adhere to synergetic, integrated development of traditional and new energy sources, to take full account of the characteristics and degree of development of our countries’ markets, to properly link energy transition with energy security, and to promote a fair and sustainable model of energy transformation,” Daowei said.
According to the vice president, under this philosophy, CNPC, on the one hand, continues to increase the exploration and development of oil and gas fields domestically and import high-quality resources from abroad, including strengthening long-term cooperation with Russia in the field of hydrocarbon trade. On the other hand, CNPC is actively pursuing a green, low-carbon development strategy and realizing the development of a “three-step strategy” combining oil and gas projects with wind, solar, geothermal, hydrogen and carbon capture technologies.
Simon Aloysius Mantiri, President and CEO of Pertamina Indonesia, said that the company is pursuing a dual growth strategy that is based on both conventional resources and low-carbon solutions. Meanwhile, natural gas plays an important role in the country’s energy mix.
“Natural gas is at the center of our strategy to transition to cleaner fuels. And today we are expanding our LNG capacity and capability for both domestic and export needs,” he said.
The Pertamina chief virtually reiterated the point made in Igor Sechin’s report and emphasized that by achieving a balance of energy sources and a comprehensive approach, the company is able to ensure high economic growth and carbon neutrality in parallel.
Reliance Industries CEO P.M.S. Prasad said India does not choose between energy access and innovation. “It is integrating both. By developing scalable, context-specific solutions, it is addressing local priorities while making a significant contribution to global sustainability. From rural microgrids to energy efficient data centers, India is turning its potential into a strategic asset,” Prasad said.
He emphasized that international partnerships play a vital role in this ambitious effort. “Energy remains a key cornerstone of the strategic relationship between India and Russia. India values this trusted partnership and appreciates the cooperation forged over decades. The leadership of both countries is committed to take this partnership to an even higher bar in the future,” summarized Reliance Industries’ CEO.
NUCLEAR POWER PLANTS ARE NOT BEING WRITTEN OFF
Rosneft CEO Igor Sechin, in his keynote speech at the Energy Panel, noted the growing interest in nuclear power generation worldwide and, accordingly, the growth of investments in this area. According to him, this is happening against the backdrop of growing energy consumption and in future nuclear power will be in demand along with fossil sources and renewable energy sources.
Reliance Industries CEO Panda Madhusudana Shiva Prasad, in turn, speaking on India’s energy outlook, emphasized the significant role of nuclear power generation.
“Gas, renewables supported by energy storage systems and a robust transmission grid, and nuclear power will play a key role. India’s bold nuclear program, including small modular reactors, reflects its commitment to long-term energy security and decarbonization,” Prasad said.
The renewed interest in investments in NPP construction was noted in the speech of Uzbek Minister of Energy Zhurabek Mirzamakhmudov. He spoke about joint plans with Russia to build two units of 55 megawatts each, and two units of VWR type reactors – water-water power reactor. The head of the ministry also said that gas-fired power plants are being installed in the country, hydropower is being developed, the share of renewable sources is increasing, and storage systems are being created at the same time.
The Minister noted the substantial nature of Igor Sechin’s report, which contains a detailed analysis and reflects all trends in the development of global energy, science and economy.
ENERGY SECURITY IN FIRST PLACE
Delcy Rodriguez, Executive Vice President of the Republic of Venezuela, in her speech supported the thesis expressed by the head of Rosneft that energy security issues should come first.
“We always advocate that the energy transition be carried out responsibly, taking into account reality, to avoid abrupt changes that could jeopardize energy security,” Rodriguez said.
Venezuela’s Executive Vice President named the main components of a stable energy system of the future: energy security, reliable supply, accessibility for all, while respecting nature – with minimal environmental impact.
Among the main threats to energy security, Rodriguez named illegal sanctions against producing countries and the hegemony of the dollar.
Nobuo Tanaka, Chairman of the Supervisory Board of the Japanese government’s non-profit Low Carbon Technology Initiative, said the answer to energy security is always to diversify supply sources, improve energy efficiency and seek alternative energy sources, including renewable energy, nuclear energy and regulate the market with predictable policies.
AGAINST LOGIC
The panelists drew attention to the political events of recent decades and stated that geopolitics is now shaping the direction of economic cooperation. And often against the logic of market expediency and economic efficiency.
Tanaka recalled how he discussed Germany’s energy policy with Chancellor Merkel in 2009: “I asked her why Germany does not use nuclear power. She answered like this: Mr. Tanaka, I am a scientist, I know how important it is to use nuclear power, but in order to use it in Germany, she said, give me votes in exchange. Yes, she’s a good scientist, but she’s also a very smart politician.”
The professor is sure that despite her experience Merkel made a very serious mistake by changing the policy on the use of nuclear power plants under the pressure of public opinion. Another mistake was the refusal to use Russian energy carriers and Russian natural gas. “I think she was misled,” Tanaka said.
“Geopolitics is a factor of the 21st century global economy. It is geopolitical interests that brought the BRICS countries together. The criterion for membership is not to use sanctions against other members of the organization. But geopolitics has also become a kind of “trap” for Germany after Trump’s victory,” said Alexander Dynkin, a member of the Russian Academy of Sciences.
He noted that the European bureaucrats are concerned about the complete refusal of energy supplies from Russia by 2027. “They are not stopped by the growth of costs, undermining the competitiveness of the EU,” – said Dynkin and recalled that if in 2014, the U.S. GDP was ahead of the EU GDP. US GDP was only 12% ahead of EU GDP, last year the US economy was already 50% larger than the European one.
“Although the German energy crisis is formally over, the country paid for it with three years of stagnation, deindustrialization, inflation, and migration crisis,” said the RAS academy member.
DIGITAL REVOLUTION
The thesis in Igor Sechin’s report that the digital revolution opens a new era in the development of the oil and gas industry was warmly echoed by the audience. In particular, David Gadzhimirzaev, General Director of TOFS Oilfield Services Group, thanked Rosneft for supporting innovation and technology development. He emphasized the importance of ensuring the availability, stability and reliability of resources, which is exactly what new technologies can provide, which will reduce the cost of bringing barrels to the surface.
“We all know that just this year the Energy Strategy-2050 was approved, which includes the fact that by 2050 about 70% of the Russian Federation’s production will be from hard-to-recover reserves. Therefore, we are not only working on expertise, but also working on the production of new technologies,” Gadzhimirzaev said.
Department of Information and Advertising
Rosneft Oil Company
June 21, 2025
Source: Rosneft
Headline: Global Energy Balance: Heads of Major Energy Companies, Experts Discuss Future of Energy Sector at SPIEF
At the Energy Panel of the XXVIII St. Petersburg International Economic Forum, leading industry experts, politicians, scientists, government officials and heads of major international energy companies discussed current trends in the global energy market.
Their assessments and forecasts largely coincided with the visionary concept of industry development presented by Igor Sechin, Head of Rosneft. In his report “Odyssey of the Global Economy in Search of the Golden Fleece. The New Landscape a of the Global Energy Industry”, he announced that the current state of the global energy industry is at the stage of formation of a new image due to the multiple growth of electricity consumption, the generation of which will be provided by both fossil fuels and renewable energy sources. According to him, the optimal solution today is “synthesis of conventional and alternative energy sources”.
The event, organized with the support of Rosneft, was addressed by Mohammed Bin Saleh Al-Sada, Chairman of the Rosneft Board of Directors, Delcy Rodriguez, Executive Vice President of the Republic of Venezuela, Simon Aloysius Mantiri, Chief Executive Officer of Pertamina, Zhang Daowei, Vice President of CNPC, Shiva Prasad Panda Madhusudana, Executive Director of Reliance Industries, Alexander Dynkin, Academician of the Russian Academy of Sciences, Zhurabek Mirzamakhmudov, Minister of Energy of the Republic of Uzbekistan, Nobuo Tanaka, Chairman of the Supervisory Board of the Japanese government’s non-profit Low Carbon Technology Initiative, and David Gadzhimirzaev, President of TOFS.
ENERGY TRANSITION WITHOUT TRANSITION
Mohammed Bin Saleh Al-Sada opened the discussion of Igor Sechin’s report, noting the depth of his analysis. “It was comprehensive – the way you showed that progress and energy are inseparable,” Al-Sada addressed Sechin.
The head of Rosneft’s Board of Directors drew the audience’s attention to the fact that despite the active promotion of the idea of transition to RES, the share of fossil energy sources in the energy mix has not changed in recent decades. He recalled that Igor Sechin mentioned in the report that fossil fuels account for 80% of the global energy mix. “And this statistic has not changed for the last 20 years! We are fluttering around these 80% fossil fuels and energy sources, and so not much has changed!” exclaimed Al-Sada, describing the situation in the global energy sector.
“In other words, we are essentially not making any transition away from hydrocarbons,” he concluded, emphasizing that the transition to renewables is being imposed on the industry and the public.
“I would also like to take as a baton from Mr. Sechin, and pass my comment to you. It’s like food for thought: are we actually transitioning from fossil fuels to renewable fuels?“,” Al-Sada addressed the audience.
The Rosneft Chairman also noted that energy demand does not always coincide with production growth for various reasons.
“I would like to express two small thoughts in order to further enhance the valuable things we heard in Mr. Sechin’s words. <...> Lack of investment is already a reality in the hydrocarbon and energy sectors. This is something that could really bring us to a serious energy shortage. “If this trend continues we could face an energy shortage. This is not only my personal opinion, but also what a large number of analysts, including the International Energy Agency, and other respected experts, who in their reviews have emphasized the importance of having sufficient investment in the hydrocarbon sector. Otherwise, we will face the risk of a primary energy shortage!”, emphasized Al-Sada.
FUTURE FOR SYNERGY
Zhang Daowei, Vice President of China’s CNPC, remarked on the interest in the report by Rosneft’s CEO. In his speech, the top manager of the Chinese company expressed similar assessments of the ways of development of the global energy sector – in particular, the need for synergy between traditional and new energy sources.
“We have always believed that in the context of the energy transition course, it is necessary to adhere to synergetic, integrated development of traditional and new energy sources, to take full account of the characteristics and degree of development of our countries’ markets, to properly link energy transition with energy security, and to promote a fair and sustainable model of energy transformation,” Daowei said.
According to the vice president, under this philosophy, CNPC, on the one hand, continues to increase the exploration and development of oil and gas fields domestically and import high-quality resources from abroad, including strengthening long-term cooperation with Russia in the field of hydrocarbon trade. On the other hand, CNPC is actively pursuing a green, low-carbon development strategy and realizing the development of a “three-step strategy” combining oil and gas projects with wind, solar, geothermal, hydrogen and carbon capture technologies.
Simon Aloysius Mantiri, President and CEO of Pertamina Indonesia, said that the company is pursuing a dual growth strategy that is based on both conventional resources and low-carbon solutions. Meanwhile, natural gas plays an important role in the country’s energy mix.
“Natural gas is at the center of our strategy to transition to cleaner fuels. And today we are expanding our LNG capacity and capability for both domestic and export needs,” he said.
The Pertamina chief virtually reiterated the point made in Igor Sechin’s report and emphasized that by achieving a balance of energy sources and a comprehensive approach, the company is able to ensure high economic growth and carbon neutrality in parallel.
Reliance Industries CEO P.M.S. Prasad said India does not choose between energy access and innovation. “It is integrating both. By developing scalable, context-specific solutions, it is addressing local priorities while making a significant contribution to global sustainability. From rural microgrids to energy efficient data centers, India is turning its potential into a strategic asset,” Prasad said.
He emphasized that international partnerships play a vital role in this ambitious effort. “Energy remains a key cornerstone of the strategic relationship between India and Russia. India values this trusted partnership and appreciates the cooperation forged over decades. The leadership of both countries is committed to take this partnership to an even higher bar in the future,” summarized Reliance Industries’ CEO.
NUCLEAR POWER PLANTS ARE NOT BEING WRITTEN OFF
Rosneft CEO Igor Sechin, in his keynote speech at the Energy Panel, noted the growing interest in nuclear power generation worldwide and, accordingly, the growth of investments in this area. According to him, this is happening against the backdrop of growing energy consumption and in future nuclear power will be in demand along with fossil sources and renewable energy sources.
Reliance Industries CEO Panda Madhusudana Shiva Prasad, in turn, speaking on India’s energy outlook, emphasized the significant role of nuclear power generation.
“Gas, renewables supported by energy storage systems and a robust transmission grid, and nuclear power will play a key role. India’s bold nuclear program, including small modular reactors, reflects its commitment to long-term energy security and decarbonization,” Prasad said.
The renewed interest in investments in NPP construction was noted in the speech of Uzbek Minister of Energy Zhurabek Mirzamakhmudov. He spoke about joint plans with Russia to build two units of 55 megawatts each, and two units of VWR type reactors – water-water power reactor. The head of the ministry also said that gas-fired power plants are being installed in the country, hydropower is being developed, the share of renewable sources is increasing, and storage systems are being created at the same time.
The Minister noted the substantial nature of Igor Sechin’s report, which contains a detailed analysis and reflects all trends in the development of global energy, science and economy.
ENERGY SECURITY IN FIRST PLACE
Delcy Rodriguez, Executive Vice President of the Republic of Venezuela, in her speech supported the thesis expressed by the head of Rosneft that energy security issues should come first.
“We always advocate that the energy transition be carried out responsibly, taking into account reality, to avoid abrupt changes that could jeopardize energy security,” Rodriguez said.
Venezuela’s Executive Vice President named the main components of a stable energy system of the future: energy security, reliable supply, accessibility for all, while respecting nature – with minimal environmental impact.
Among the main threats to energy security, Rodriguez named illegal sanctions against producing countries and the hegemony of the dollar.
Nobuo Tanaka, Chairman of the Supervisory Board of the Japanese government’s non-profit Low Carbon Technology Initiative, said the answer to energy security is always to diversify supply sources, improve energy efficiency and seek alternative energy sources, including renewable energy, nuclear energy and regulate the market with predictable policies.
AGAINST LOGIC
The panelists drew attention to the political events of recent decades and stated that geopolitics is now shaping the direction of economic cooperation. And often against the logic of market expediency and economic efficiency.
Tanaka recalled how he discussed Germany’s energy policy with Chancellor Merkel in 2009: “I asked her why Germany does not use nuclear power. She answered like this: Mr. Tanaka, I am a scientist, I know how important it is to use nuclear power, but in order to use it in Germany, she said, give me votes in exchange. Yes, she’s a good scientist, but she’s also a very smart politician.”
The professor is sure that despite her experience Merkel made a very serious mistake by changing the policy on the use of nuclear power plants under the pressure of public opinion. Another mistake was the refusal to use Russian energy carriers and Russian natural gas. “I think she was misled,” Tanaka said.
“Geopolitics is a factor of the 21st century global economy. It is geopolitical interests that brought the BRICS countries together. The criterion for membership is not to use sanctions against other members of the organization. But geopolitics has also become a kind of “trap” for Germany after Trump’s victory,” said Alexander Dynkin, a member of the Russian Academy of Sciences.
He noted that the European bureaucrats are concerned about the complete refusal of energy supplies from Russia by 2027. “They are not stopped by the growth of costs, undermining the competitiveness of the EU,” – said Dynkin and recalled that if in 2014, the U.S. GDP was ahead of the EU GDP. US GDP was only 12% ahead of EU GDP, last year the US economy was already 50% larger than the European one.
“Although the German energy crisis is formally over, the country paid for it with three years of stagnation, deindustrialization, inflation, and migration crisis,” said the RAS academy member.
DIGITAL REVOLUTION
The thesis in Igor Sechin’s report that the digital revolution opens a new era in the development of the oil and gas industry was warmly echoed by the audience. In particular, David Gadzhimirzaev, General Director of TOFS Oilfield Services Group, thanked Rosneft for supporting innovation and technology development. He emphasized the importance of ensuring the availability, stability and reliability of resources, which is exactly what new technologies can provide, which will reduce the cost of bringing barrels to the surface.
“We all know that just this year the Energy Strategy-2050 was approved, which includes the fact that by 2050 about 70% of the Russian Federation’s production will be from hard-to-recover reserves. Therefore, we are not only working on expertise, but also working on the production of new technologies,” Gadzhimirzaev said.
Department of Information and Advertising
Rosneft Oil Company
June 21, 2025
Source: Rosneft
Headline: Rosneft plans work based on oil price of $45 in 2025 and $42-43 in 2026 – Sechin
The energy panel organized by Rosneft at SPIEF ended with the traditional oil price forecast from its participants. This year, the Company’s CEO Igor Sechin and Nobuo Tanaka, Chairman of the Supervisory Board of the Japanese government’s non-profit Low Carbon Technology Initiative, presented their vision of future developments.
Prof. Tanaka recalled that a year earlier the Energy Panel participants predicted an oil price of $60 per barrel. “This year I am afraid that the price may exceed 100 dollars due to the crisis that is currently taking place in the Middle East,” – said the Japanese expert, who headed the International Energy Agency in 2007-2011.
In turn, the CEO of Rosneft responded to this by saying: “Whatever it (oil price – ed.) is, it is difficult for us to guess what will happen. Nobody knows. As Machiavelli once said, “The power of authority lies in its secrecy”.
At the same time, Igor Sechin named the price that the Company has set in its business plan for 2025 and 2026: “We do not know what geopolitical factors will affect the market. But whatever they are, our company Rosneft puts 45 dollars in its business plan for this year and 42-43 dollars for the next year. We do not want to depend on this volatility,” he said.
Department of Information and Advertising
Rosneft Oil Company
June 21, 2025
Source: Rosneft
Headline: Rosneft plans work based on oil price of $45 in 2025 and $42-43 in 2026 – Sechin
The energy panel organized by Rosneft at SPIEF ended with the traditional oil price forecast from its participants. This year, the Company’s CEO Igor Sechin and Nobuo Tanaka, Chairman of the Supervisory Board of the Japanese government’s non-profit Low Carbon Technology Initiative, presented their vision of future developments.
Prof. Tanaka recalled that a year earlier the Energy Panel participants predicted an oil price of $60 per barrel. “This year I am afraid that the price may exceed 100 dollars due to the crisis that is currently taking place in the Middle East,” – said the Japanese expert, who headed the International Energy Agency in 2007-2011.
In turn, the CEO of Rosneft responded to this by saying: “Whatever it (oil price – ed.) is, it is difficult for us to guess what will happen. Nobody knows. As Machiavelli once said, “The power of authority lies in its secrecy”.
At the same time, Igor Sechin named the price that the Company has set in its business plan for 2025 and 2026: “We do not know what geopolitical factors will affect the market. But whatever they are, our company Rosneft puts 45 dollars in its business plan for this year and 42-43 dollars for the next year. We do not want to depend on this volatility,” he said.
Department of Information and Advertising
Rosneft Oil Company
June 21, 2025
Source: Rosneft
Headline: US Oil Production at Current Prices Peaks – Sechin
US oil production at current prices has probably reached its peak, Rosneft CEO Igor Sechin said at the Energy Panel of the XXVIII St. Petersburg International Economic Forum.
Delivering a keynote speech, the CEO called the energy policy initially announced by the new US administration promising. However, most of these goals have not yet been achieved: tariff wars have led to a drop in oil prices, while taxes for the oil industry remain at the same level and interest rates have not been reduced. Given this backdrop, the number of active drilling rigs has fallen 9% to 439 over the past two months and oil production growth has stalled. In less than a year, the U.S. Department of Energy has lowered its forecast for U.S. oil production by the end of 2025 by 400 thousand barrels per day.
“At current prices, the USA oil production appears to have peaked,” Sechin said, noting that Diamondback Energy and ConocoPhillips recently voiced this opinion. And Liberty Energy, an oilfield services company founded by U.S. Energy Secretary Chris Wright, expects a significant slowdown in drilling activity in the second half of this year, which should lead to a reduction in the U.S. drilling fleet by about 10% more. “Not surprisingly, against this backdrop, many shale players have already started cutting investments,” said Rosneft’s CEO.
He noted that the sharp drop in oil prices this year has already led to a revision of investment plans. According to the IEA’s latest estimate, this year, for the first time in five years, global investments in oil exploration and production will drop by 6%, while in the U.S. the drop will amount to about 10%. “I think this is just the beginning,” the CEO of Rosneft remarked.
“The new head of the US Treasury Department, Scott Bessent, has repeatedly stated that the success of Trump’s second presidential term requires oil production growth in the US in the amount of three million barrels per day. This is part of a so-called “3-3-3 Plan” which also envisages cutting the US budget deficit down to 3% of GDP and reaching 3% of GDP increase,” Igor Sechin reminded.
The CEO of the Company also asks the question, what difference does it make for the US market where these barrels will come from? “Quite possibly, those may be barrels produced in OPEC+ countries. Since late last year the alliance has consistently reiterated the need to ramp up production due to changes in consumption,” Sechin said.
The CEO also noted that in addition to the interest of states, the interests of shareholders should be taken into account. Low oil prices in the current period do not allow many companies to maintain the same level of dividend payments and share buybacks, said the CEO of Rosneft. According to Rystad Energy experts, which Sechin cited, if the oil majors maintain their payments to shareholders, they will have to almost completely abandon investments or significantly increase their debt as early as this year.
“The fall in prices has already started to affect the major players. BP and Chevron will reduce share buybacks by almost 60% and 30%, respectively , while Aramco has to build up debt to be able to pay dividends,” the CEO said.
Department of Information and Advertising
Rosneft Oil Company
June 21, 2025
Source: Rosneft
Headline: US Oil Production at Current Prices Peaks – Sechin
US oil production at current prices has probably reached its peak, Rosneft CEO Igor Sechin said at the Energy Panel of the XXVIII St. Petersburg International Economic Forum.
Delivering a keynote speech, the CEO called the energy policy initially announced by the new US administration promising. However, most of these goals have not yet been achieved: tariff wars have led to a drop in oil prices, while taxes for the oil industry remain at the same level and interest rates have not been reduced. Given this backdrop, the number of active drilling rigs has fallen 9% to 439 over the past two months and oil production growth has stalled. In less than a year, the U.S. Department of Energy has lowered its forecast for U.S. oil production by the end of 2025 by 400 thousand barrels per day.
“At current prices, the USA oil production appears to have peaked,” Sechin said, noting that Diamondback Energy and ConocoPhillips recently voiced this opinion. And Liberty Energy, an oilfield services company founded by U.S. Energy Secretary Chris Wright, expects a significant slowdown in drilling activity in the second half of this year, which should lead to a reduction in the U.S. drilling fleet by about 10% more. “Not surprisingly, against this backdrop, many shale players have already started cutting investments,” said Rosneft’s CEO.
He noted that the sharp drop in oil prices this year has already led to a revision of investment plans. According to the IEA’s latest estimate, this year, for the first time in five years, global investments in oil exploration and production will drop by 6%, while in the U.S. the drop will amount to about 10%. “I think this is just the beginning,” the CEO of Rosneft remarked.
“The new head of the US Treasury Department, Scott Bessent, has repeatedly stated that the success of Trump’s second presidential term requires oil production growth in the US in the amount of three million barrels per day. This is part of a so-called “3-3-3 Plan” which also envisages cutting the US budget deficit down to 3% of GDP and reaching 3% of GDP increase,” Igor Sechin reminded.
The CEO of the Company also asks the question, what difference does it make for the US market where these barrels will come from? “Quite possibly, those may be barrels produced in OPEC+ countries. Since late last year the alliance has consistently reiterated the need to ramp up production due to changes in consumption,” Sechin said.
The CEO also noted that in addition to the interest of states, the interests of shareholders should be taken into account. Low oil prices in the current period do not allow many companies to maintain the same level of dividend payments and share buybacks, said the CEO of Rosneft. According to Rystad Energy experts, which Sechin cited, if the oil majors maintain their payments to shareholders, they will have to almost completely abandon investments or significantly increase their debt as early as this year.
“The fall in prices has already started to affect the major players. BP and Chevron will reduce share buybacks by almost 60% and 30%, respectively , while Aramco has to build up debt to be able to pay dividends,” the CEO said.
Department of Information and Advertising
Rosneft Oil Company
June 21, 2025
Source: Rosneft
Headline: OPEC+ Decision on Production Growth Justified, Oil Reserves at Minimum Level – Rosneft CEO
Rosneft CEO Igor Sechin called decision by OPEC+ to forcefully increase oil production justified and far-sighted.
During his keynote speech at the Energy Panel of the XXVIII St. Petersburg International Economic Forum, Sechin noted that the announced increase in production since May this year is three times higher than the alliance’s original plan. In addition, the entire OPEC+ production increase could be pushed back a year ahead of plan.
“The decision of OPEC leaders to boost production appears today a very forward-looking and, a justified one from the market standpoint, given the consumers’ interest in light of uncertainty pertaining to the scope of the Iran-Israel conflict,” the CEO said.
At the same time, Sechin noted, “Despite the announced production growth, there can be no question of an oil excess in the market in the long run” as “world oil reserves are now at their lowest levels in five years”.
“Low oil prices suit consumers in the US, where the inflation-adjusted price of gasoline has already returned to 2019 levels. It is no coincidence that this is happening against the backdrop of the White House’s intensified Middle East policy and the conclusion of a number of agreements with key countries in the region”, – said the CEO of Rosneft.
Department of Information and Advertising
Rosneft Oil Company
June 21, 2025
Source: Rosneft
Headline: OPEC+ Decision on Production Growth Justified, Oil Reserves at Minimum Level – Rosneft CEO
Rosneft CEO Igor Sechin called decision by OPEC+ to forcefully increase oil production justified and far-sighted.
During his keynote speech at the Energy Panel of the XXVIII St. Petersburg International Economic Forum, Sechin noted that the announced increase in production since May this year is three times higher than the alliance’s original plan. In addition, the entire OPEC+ production increase could be pushed back a year ahead of plan.
“The decision of OPEC leaders to boost production appears today a very forward-looking and, a justified one from the market standpoint, given the consumers’ interest in light of uncertainty pertaining to the scope of the Iran-Israel conflict,” the CEO said.
At the same time, Sechin noted, “Despite the announced production growth, there can be no question of an oil excess in the market in the long run” as “world oil reserves are now at their lowest levels in five years”.
“Low oil prices suit consumers in the US, where the inflation-adjusted price of gasoline has already returned to 2019 levels. It is no coincidence that this is happening against the backdrop of the White House’s intensified Middle East policy and the conclusion of a number of agreements with key countries in the region”, – said the CEO of Rosneft.
Department of Information and Advertising
Rosneft Oil Company
June 21, 2025
Source: Rosneft
Headline: China Moves Towards Full Energy Independence to Become Major Energy Exporter – Rosneft CEO
China is moving towards full energy independence and will turn from an importer to a major energy exporter in the foreseeable future, Rosneft CEO Igor Sechin said in his report at the Energy Panel of the XXVIII St. Petersburg International Economic Forum.
He noted that China is a unique example of a competent approach to energy system development – the country now accounts for a third of the world’s investments in the energy sector.
“In my opinion, 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. There is no doubt, taking into account the persistence and professionalism of the 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,” said the CEO of Rosneft.
According to Igor Sechin, in recent years it is in China that the largest amount of new renewable energy capacity has been commissioned and more than 70% of the world’s capacity for the production of equipment for the “green” economy is located. This applies to the entire value chain: from critical minerals to the production of high-tech equipment that has no analogues in Western countries.
Rosneft’s CEO also noted China’s efforts in increasing investments in related infrastructure: investments in power grids increased by 15% last year and may double this year. “investments in rechargeable batteries have grown almost fivefold to $11 billion. As of today, the total capacity of such batteries in China exceeds 35 GW , which amounts to two-thirds of the entire global capacity,” Igor Sechin said.
At the same time, China has never given up fossil fuels. Over the last five years, the country has outpaced the rest of the world in terms of commissioning new coal-fired generation capacity. “Today, coal accounts for almost 60% of China’s electricity generation. Last year alone, China issued permits for about 100 gigawatts of new coal-fired power generation, the highest in a decade, which should strengthen coal’s role in the grid,” emphasized the CEO of Rosneft.
China’s efforts to strengthen its own energy security have drawn a barrage of criticism, often disguised as concern for the environment. “As the outstanding Chinese strategist and thinker Sun Tzu aptly noted two and a half thousand years ago: ‘The more brilliant your plan, the fewer people will agree with it,’” the Rosneft CEO added.
According to Sechin, China’s coordinated approach to energy security is particularly clear from the example of electric cars. The growth of their sales led to a significant slowdown in demand for motor fuel last year, and “the continuation of this trend may have a significant reversing effect on the balance of the oil market”.
An important part of China’s strategy to reduce its dependence on energy imports is the processing of coal into synthetic fuels and chemical products. “Chinese companies are investing billions of dollars in the development of this industry. According to experts, today in China 40 million tons of coal is used to produce synthetic fuels and more than 260 mln tons for ammonia and methanol production,” Igor Sechin concluded.
Department of Information and Advertising
Rosneft Oil Company
June 21, 2025
Source: Rosneft
Headline: China Moves Towards Full Energy Independence to Become Major Energy Exporter – Rosneft CEO
China is moving towards full energy independence and will turn from an importer to a major energy exporter in the foreseeable future, Rosneft CEO Igor Sechin said in his report at the Energy Panel of the XXVIII St. Petersburg International Economic Forum.
He noted that China is a unique example of a competent approach to energy system development – the country now accounts for a third of the world’s investments in the energy sector.
“In my opinion, 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. There is no doubt, taking into account the persistence and professionalism of the 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,” said the CEO of Rosneft.
According to Igor Sechin, in recent years it is in China that the largest amount of new renewable energy capacity has been commissioned and more than 70% of the world’s capacity for the production of equipment for the “green” economy is located. This applies to the entire value chain: from critical minerals to the production of high-tech equipment that has no analogues in Western countries.
Rosneft’s CEO also noted China’s efforts in increasing investments in related infrastructure: investments in power grids increased by 15% last year and may double this year. “investments in rechargeable batteries have grown almost fivefold to $11 billion. As of today, the total capacity of such batteries in China exceeds 35 GW , which amounts to two-thirds of the entire global capacity,” Igor Sechin said.
At the same time, China has never given up fossil fuels. Over the last five years, the country has outpaced the rest of the world in terms of commissioning new coal-fired generation capacity. “Today, coal accounts for almost 60% of China’s electricity generation. Last year alone, China issued permits for about 100 gigawatts of new coal-fired power generation, the highest in a decade, which should strengthen coal’s role in the grid,” emphasized the CEO of Rosneft.
China’s efforts to strengthen its own energy security have drawn a barrage of criticism, often disguised as concern for the environment. “As the outstanding Chinese strategist and thinker Sun Tzu aptly noted two and a half thousand years ago: ‘The more brilliant your plan, the fewer people will agree with it,’” the Rosneft CEO added.
According to Sechin, China’s coordinated approach to energy security is particularly clear from the example of electric cars. The growth of their sales led to a significant slowdown in demand for motor fuel last year, and “the continuation of this trend may have a significant reversing effect on the balance of the oil market”.
An important part of China’s strategy to reduce its dependence on energy imports is the processing of coal into synthetic fuels and chemical products. “Chinese companies are investing billions of dollars in the development of this industry. According to experts, today in China 40 million tons of coal is used to produce synthetic fuels and more than 260 mln tons for ammonia and methanol production,” Igor Sechin concluded.
Department of Information and Advertising
Rosneft Oil Company
June 21, 2025
Source: Rosneft
Headline: Rosneft Finalizes Development of GTL Technology, Plans Introduction in Taimyr Project – Sechin
Igor Sechin, Chief Executive Officer of Rosneft, speaking at the Energy Panel at the XXVIII St. Petersburg International Economic Forum, said that the Company has completed the development of proprietary technologies and catalysts throughout the entire chain of the GTL* process using Fischer-Tropsch synthesis.
“I would also like to inform that Rosneft has completed the development of proprietary technologies and catalysts throughout the entire chain of the GTL process using Fischer-Tropsch synthesis. All stages of the technological process are covered by respective patents. We plan to introduce this technology in Taimyr,” Igor Sechin said.
The CEO of the Company demonstrated to the participants of the energy panel a flask with the obtained fuel, noting that it is synthetic oil consisting of the purest hydrocarbon molecules, with zero sulfur content. “To anyone who is interested, we are ready to provide samples,” he added, addressing the participants and audience of the Energy Panel.
Speaking about the importance of such fuel, Igor Sechin cited the example of China, where an important part of the strategy to reduce dependence on energy imports is the processing of coal into synthetic fuels and chemical products. “Chinese companies are investing billions of dollars in the development of this industry. According to experts, today in China 40 million tons of coal is used to produce synthetic fuels and more than 260 mln tons for ammonia and methanol production,” Igor Sechin emphasized.
* GTL or Gas-to-Liquid is a technology for converting natural gas into high quality liquid hydrocarbons such as diesel fuel, gasoline, and others.
Department of Information and Advertising
Rosneft Oil Company
June 21, 2025
Source: Rosneft
Headline: Rosneft Finalizes Development of GTL Technology, Plans Introduction in Taimyr Project – Sechin
Igor Sechin, Chief Executive Officer of Rosneft, speaking at the Energy Panel at the XXVIII St. Petersburg International Economic Forum, said that the Company has completed the development of proprietary technologies and catalysts throughout the entire chain of the GTL* process using Fischer-Tropsch synthesis.
“I would also like to inform that Rosneft has completed the development of proprietary technologies and catalysts throughout the entire chain of the GTL process using Fischer-Tropsch synthesis. All stages of the technological process are covered by respective patents. We plan to introduce this technology in Taimyr,” Igor Sechin said.
The CEO of the Company demonstrated to the participants of the energy panel a flask with the obtained fuel, noting that it is synthetic oil consisting of the purest hydrocarbon molecules, with zero sulfur content. “To anyone who is interested, we are ready to provide samples,” he added, addressing the participants and audience of the Energy Panel.
Speaking about the importance of such fuel, Igor Sechin cited the example of China, where an important part of the strategy to reduce dependence on energy imports is the processing of coal into synthetic fuels and chemical products. “Chinese companies are investing billions of dollars in the development of this industry. According to experts, today in China 40 million tons of coal is used to produce synthetic fuels and more than 260 mln tons for ammonia and methanol production,” Igor Sechin emphasized.
* GTL or Gas-to-Liquid is a technology for converting natural gas into high quality liquid hydrocarbons such as diesel fuel, gasoline, and others.
Department of Information and Advertising
Rosneft Oil Company
June 21, 2025
Source: Rosneft
Headline: Rosneft CEO Calls Energy Sector One of Driving Forces of New Technological Revolution
The energy sector is one of the main drivers of the new technological revolution, said Igor Sechin, Chief Executive Officer of Rosneft, at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.
Delivering a keynote speech, he noted that the digital revolution with the application of artificial intelligence and work with big data should become the basis for labor productivity growth.
Investment bank Goldman Sachs estimates that large-scale implementation of high technologies will increase labor productivity by 1.5 p.p. for developed countries and by 1 p.p. for developing countries within 10 years. “However, the development of advanced technologies requires substantial natural resources, as well as large-scale investments in infrastructure and human capital. This, in turn, means a multiple increase in energy consumption,” Rosneft CEO noted.
“Undoubtedly, one of the main driving forces of the new technological revolution is the energy sector,” Sechin said. He recalled that the use of artificial intelligence on the basis of large data processing centers is a highly energy-intensive process. “According to the International Energy Agency, the electricity demand of a single 100 megawatt data center today is comparable to the consumption of 100,000 households. In the future, this demand could increase by several tens of times,” the Rosneft CEO added.
Such centers, according to Sechin, will contribute more to the growth of global electricity demand than heavy industry or heat supply. “According to forecasts , by 2030 their electricity consumption will more than double, reaching one thousand terawatt-hours, which is comparable to Japan’s current consumption,” said the CEO of Rosneft.
Igor Sechin also cited the development of the cryptocurrency market as an example of the impact of digitalization on the global energy system. According to him, in less than ten years they have turned into an independent industry, which today consumes resources on a par with entire countries. For example, the energy consumption of the entire bitcoin network as of May 2025 has already exceeded the level of electricity consumption in Poland.
Department of Information and Advertising
Rosneft Oil Company
June 21, 2025
Source: Rosneft
Headline: Digital Revolution Opens New Era in Oil And Gas Industry Development – Sechin
The digital revolution is opening a new era in the development of the oil and gas industry, Rosneft CEO Igor Sechin said at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.
“The digital revolution is opening a new era in the development of the oil and gas industry, including the impact on oil exploration, production, refining, data storage and cybersecurity of the industry,” Sechin said during his keynote speech.
Sechin cited expert estimates that the market for artificial intelligence technologies in the oil and gas industry will grow by 83% by 2030. At the moment, 49% of this market is in the refining segment. It is expected that the introduction of artificial intelligence in the upstream segment will grow by 14% per year over the next five years, said the CEO of Rosneft.
Department of Information and Advertising
Rosneft Oil Company
June 21, 2025
Source: ASEAN
At the invitation of the Government of the Kingdom of Morocco, Secretary-General of ASEAN, Dr. Kao Kim Hourn, will lead the ASEAN Secretariat delegation for an Official Visit to Morocco, on 24-26 June 2025, covering Rabat and Casablanca. Throughout the visit, SG Dr. Kao is scheduled to meet with key high-ranking officials and stakeholders, including Ministers of the Moroccan Government, business community and private sector, academia, and students. During his visit to Rabat, SG Dr. Kao will take the opportunity to give a lecture at the Moroccan Institute of Training, Research and Diplomatic Studies (IMFRED). In addition, SG Dr. Kao will engage with the ASEAN Committee in Rabat to keep the Committee abreast of the latest developments in ASEAN. The Official Visit aims to further advance the ASEAN-Morocco Sectoral Dialogue Partnership.
The post Secretary-General of ASEAN to Conduct an Official Visit to the Kingdom of Morocco appeared first on ASEAN Main Portal.
Source: ASEAN
At the invitation of the Government of the Kingdom of Morocco, Secretary-General of ASEAN, Dr. Kao Kim Hourn, will lead the ASEAN Secretariat delegation for an Official Visit to Morocco, on 24-26 June 2025, covering Rabat and Casablanca. Throughout the visit, SG Dr. Kao is scheduled to meet with key high-ranking officials and stakeholders, including Ministers of the Moroccan Government, business community and private sector, academia, and students. During his visit to Rabat, SG Dr. Kao will take the opportunity to give a lecture at the Moroccan Institute of Training, Research and Diplomatic Studies (IMFRED). In addition, SG Dr. Kao will engage with the ASEAN Committee in Rabat to keep the Committee abreast of the latest developments in ASEAN. The Official Visit aims to further advance the ASEAN-Morocco Sectoral Dialogue Partnership.
The post Secretary-General of ASEAN to Conduct an Official Visit to the Kingdom of Morocco appeared first on ASEAN Main Portal.
Source: African Development Bank Group
The African Development Bank held its first-ever Civil Society Open Day in Lomé, Togo, on 3 June. The event brought together representatives from the Togolese government, around 30 national and international civil society organisations (CSOs), and Bank staff — all committed to strengthening development partnerships…