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.

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Rosneft Oil Company
June 21, 2025