The importance of nuclear power, which is a natural complement to fossil fuels, is growing, said Igor Sechin, Chief Executive Officer of Rosneft, at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.

“However, against the backdrop of growing consumption, all types of generation, including nuclear, are experiencing a rebirth. This is clearly illustrated by the price of uranium fuel, which has more than tripled over the past seven years,” Igor Sechin noted.

He recalled that back in the 1930s the idea of thermonuclear fusion was formulated, and many famous scientists, including Nobel laureates Hans Bethe, Peter Kapitsa, Igor Tamm and later Andrei Sakharov, sought to reproduce and control this process. In theory, fusion can generate almost four million times more energy than burning oil or coal, Igor Sechin said. However, in order to sustain a fusion reaction and sustainably generate energy, it is still necessary to improve methods of plasma confinement, ensure its stability, and increase efficiency.

The CEO of Rosneft noted that a few years ago the nuclear power industry was in a deep crisis due to the decline in activity in the industry and such large companies as Westinghouse and Areva had to go through restructuring and ownership changes. However, the situation then began 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,” he said.

At the same time, Sechin said it is 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 much lower than the American AP-1000. Today such reactors are already operating in Russia and are planned to be commissioned in friendly countries.

At the same time, Sechin noted, the resource base is of particular importance. Today, just seven countries, including the Russian Federation, control more than 90% of the world's uranium fuel production and about 70% of the world's uranium reserves.

“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,” he said

Russia has also commissioned the world's only floating nuclear power plant of small capacity. Currently, four more nuclear power plants are under construction.

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.

“Reactors of this type take into account the most advanced technical solutions, including the enlargement of fuel elements, the use of uranium-plutonium mixed fuel, as well as well as new structural steels with increased radiation resistance, which provide deeper fuel burnup and higher efficiency.  In particular, the efficiency of electricity generation increases by 20-25%, even without taking into account the significantly higher efficiency of fuel use,” said the CEO of Rosneft

Investments in the nuclear sector are expected to continue growing According to the IEA forecast, by 2050 the global installed nuclear generation capacity will grow by nearly 60% to reach 650 GW. “I believe this estimate is understated. Just a few weeks ago, the US President set a goal to quadruple the country's nuclear generation capacity to 400 GW,” Sechin noted.

The CEO of Rosneft expects further growth of investments in the nuclear sector: new technologies, such as small modular reactors, are now attracting increased attention of 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.

“Rolls-Royce recently won a tender for the construction of such reactors in the UK. Experts note that these reactors have a number of features. One of them is described in Ecclesiastes: “What is crooked cannot be straightened; what is lacking cannot be counted.” None of these reactors have been put into operation yet,” Sechin explained.

The proposed smaller reactors will require no less effort and cost, including those related to fuel utilization and safety, than existing larger reactors.

“Finally, nuclear energy is, in any case, a dual-use technology. The issue of non-proliferation of nuclear weapons must be given the utmost attention, as it is precisely because of this that the Middle East conflict is currently intensifying. It is crucial to consider whether we want further expansion of the nuclear club,” Igor Sechin concluded.

Department of Information and Advertising
Rosneft Oil Company
June 21, 2025