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Rosneft's CEO Says China Strengthened Energy Security Through Russia Ties

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China has strengthened its energy security through larger reserves and closer cooperation with Russia, Rosneft CEO Igor Sechin said Friday at the Russia-China Energy Business Forum, according to multiple media reports.

Russia remains China's largest oil exporter, accounting for about 23% of its imports, Sechin said.

Sechin said Russian oil offers China greater cost efficiency than Middle Eastern supplies, generating an estimated $27 billion in total economic benefits since 2022, according to the reports.

China has "retaken the initiative from OPEC," Sechin said, arguing that further growth in the country's oil reserves could increase its influence in global energy markets.

Sechin added that Russia and China must focus more on risk management as tariff wars, US dollar volatility and rising government debt create additional challenges for the global economy, according to Rosneft.

He also cited the erosion of the international law system amid growing threats, saying unilateral actions and political schemes could increase risks for both countries.

"Only by working together can we achieve the results and reach our goals in the face of threats. All the more valuable is our trusting and mutually supplementing partnership," Sechin said, according to Rosneft.

The Rosneft chief said conditions for deeper strategic cooperation already exist and urged both countries to preserve them, adding that they "must win" in a contest that could shape their peoples' future.

Rosneft did not immediately reply to' request for comment.

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