By Gn Focus Report
The global energy sector is at a pivotal juncture, as countries grapple with the urgent need to overhaul consumption models amid rising technological demand. Igor Sechin, Chief Executive Officer of Rosneft, delivered one of the forum鈥檚 most important speeches during his keynote at the XXVIII St. Petersburg International Economic Forum (SPIEF).Sechin鈥檚 address, titled 鈥淥dyssey of the Global Economy in Search of the Golden Fleece: The New Landscape of Global Energy,鈥 formed the centerpiece of the high-profile Energy Panel at SPIEF. Organized with Rosneft鈥檚 support, the session brought together leading voices in energy to assess the sector鈥檚 rapidly evolving landscape.Sechin emphasised that the digital revolution 鈥 spearheaded by artificial intelligence and big data 鈥 is dramatically increasing the global appetite for energy. These high-tech industries are especially electricity-intensive, with data centers becoming major consumers. .鈥淭he transformation of the global energy industry is not a future prospect 鈥 it is happening now,鈥 Sechin said. 鈥淐ountries face the dual challenge of ensuring energy security while transitioning to new models of consumption.鈥漇echin invoked a line from Ecclesiastes 鈥 鈥淭hat which is crooked cannot be made straight, and that which is wanting cannot be numbered鈥 鈥 to underscore the systemic imbalances in current energy policy. He warned that rushing into green transitions without addressing fundamental structural gaps could exacerbate existing weaknesses.He also criticized the overreliance on renewables, noting that massive investments have not yet delivered expected stability. 鈥淧ower reliability issues and even large-scale blackouts have become common in several countries,鈥 Sechin observed. The panel featured an array of influential figures, including:Mohammed Bin Saleh Al-Sada, Chairman of Rosneft鈥檚 Board of DirectorsDelcy Rodr铆guez, Executive Vice President of VenezuelaZhang Daowei, Vice President, CNPC (China)Panda Madhusudana Shiva Prasad, Executive Director, Reliance Industries (India)Simon Aloysius Mantiri, CEO, Pertamina (Indonesia)Alexander Dynkin, Russian Academy of SciencesZhurabek Mirzamakhmudov, Minister of Energy, Uzbekistan .Rick Sanchez, American journalist and RT host, moderated the panel. Sechin underscored Asia鈥檚 growing role in shaping the global energy market. Countries in the Asia-Pacific region are expected to account for roughly 60 per cent of the increase in electricity consumption in coming decades. India alone has seen peak demand surge by 70 per cent in just ten years.He also praised China鈥檚 strategic dual-track energy policy: investing aggressively in renewables while maintaining a strong fossil fuel base. 鈥淐hina is moving toward energy independence,鈥 Sechin said, citing its record investments in wind, solar, coal, and advanced coal-to-liquid (CTL) technologies.China commissioned around 100 gigawatts of new coal-fired power capacity last Year 鈥 its highest in a decade 鈥 while remaining the world鈥檚 top investor in green energy and technology manufacturing.Sechin also unveiled Rosneft鈥檚 synthetic oil initiative, developed using proprietary gas-to-liquids (GTL) technology in Russia鈥檚 Taimyr region. Showcasing a sample of sulfur-free synthetic oil, he said, 鈥淲e are ready to provide samples to any interested party.鈥漅osneft鈥檚 breakthroughs in catalysis and clean fuel production underscore its broader commitment to innovation amid an uncertain energy transition. The Rosneft CEO called for greater recognition of nuclear energy鈥檚 role in ensuring stable, long-term energy supply. He highlighted China鈥檚 rapid growth in nuclear capacity, which has reached nearly 60 GW, with plans for 32 new reactors underway. .Russia, he said, leads in next-generation nuclear technology, including fast-neutron reactors like the BN-800 and upcoming BN-1200. 鈥淩ussia remains the only country with complete expertise across the entire nuclear fuel cycle,鈥 Sechin stated.Sechin voiced strong reservations about the 鈥渘et zero鈥 movement, warning of the risks of a rushed green transition. He cited Nobel laureate Pyotr Kapitsa to argue that fossil fuels and nuclear energy offer far greater energy density than solar or wind.鈥淓urope鈥檚 reliance on renewables has driven electricity prices to five times those in the U.S.,鈥 Sechin claimed, blaming energy policy missteps in the EU.The forum鈥檚 speakers broadly supported Sechin鈥檚 analysis. Rosneft Chairman Al-Sada highlighted the continued dominance of fossil fuels 鈥攕till accounting for 80 per cent of global energy use 鈥 despite the push for renewables.Zhang Daowei of CNPC emphasized a blended approach to energy sourcing, while Mantiri of Pertamina stressed natural gas as a pillar of Indonesia鈥檚 strategy. Reliance鈥檚 Prasad outlined India鈥檚 multi-pronged energy innovation efforts, aimed at improving access and resilience.Uzbekistan鈥檚 Mirzamakhmudov confirmed that the country is pursuing nuclear development in partnership with Russia. Delcy Rodr铆guez reiterated Venezuela鈥檚 commitment to energy security, and Nobuo Tanaka, of Japan鈥檚 Low Carbon Technology Initiative, called for pragmatic, diversified energy solutions.The panel concluded with praise for Rosneft鈥檚 technological advancements. David Gadzhimirzaev, CEO of TOFS Oilfield Services, noted that digital innovation would be essential for future energy stability.