China's International Petroleum Policy

China's International Petroleum Policy

China's International Petroleum Policy

China's International Petroleum Policy

Synopsis

Author Bo Kong reveals how China's international petroleum policy is shaped by the cogovernance of the country's petroleum sector by its government and national oil companies, whose interests are at cross purposes with each other.

Excerpt

China is at the center of every major debate on the future of international energy policy: the future of global demand for oil and gas, the control of greenhouse gas emissions, the structure of global energy governance, the development of international standards for revenue management and transparency, and the impact of import dependence on international peace and security. Despite China’s importance, little is known about how the Chinese government manages its demand for oil, how it promotes its domestic and external capacity for oil and gas exploration, production, refining and services, and how it interacts with the three major Chinese national oil companies (China National Petroleum Corporation, CNPC; China National Offshore Oil Corporation, CNOOC; and China Petroleum and Chemical Corporation, Sinopec). Understanding China’s petroleum policy is critical to intelligent policy making.

The growth of Chinese demand for oil from 2000 to 2008 proved to be a shock to the international energy system, as China moved from oil exporter to importer, and the rate of increase in its demand for oil was exponentially larger than the worldwide average. But this growth would not be a shock to those who understood the role of oil (and the other fossil fuels, coal and gas) in China’s industrial development, in the development of its consumer economy, and the expansion of the inputs for its accelerating demand for power generation.

Most analysts see China’s global competition for oil and gas acreage as threatening, and its use of government financial support as a challenge to the market systems for trade in oil and gas supply and products. Many see China’s offer of packaged deals as damaging the ability of Western . . .

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