China’s Oil Industry: ‘Corporate Governance with Chinese Characteristics’

Taylor, Monique

doi:10.1057/9781137271655_4

Cited by 5 publications

(3 citation statements)

References 14 publications

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“…Building on Bo Kong, she characterizes relations between the CCP, government and national oil companies as 'collaboration governed by hierarchy'. 69 Kong used the term 'co-governance' and stressed that international initiatives came 'middle-up' from the companies, rather than top-down -an issue which deserves closer analysis. 70 Most of the principal-agent relationships in state-owned enterprises remain hidden from the public eye, and the point at which company leaders solicited or agreed to state interventions may be unclear even to themselves.…”

Section: Ccp and Government Control And Political Influence Of The National Oil Companiesmentioning

confidence: 99%

The global expansion of Chinese oil companies: Political demands, profitability and risks

Vermeer

2015

China Information

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PetroChina, Sinopec, and China National Offshore Oil Corporation (CNOOC) have been prominent instruments used by the Chinese government in its policies to ensure greater security of oil and gas supply in the face of growing domestic shortages. Chinese overseas acquisitions and activities have diversified, with a greater emphasis on offshore, gas and the Americas. Both parent and listed daughter companies are run by CCP-appointed managers who have to balance political and commercial goals. Their lacklustre financial performance can be attributed to domestic and institutional constraints, such as state-set social goals, low pricing, and government controls over their monopolies. Not only have state companies sustained losses from refining activities, but financing their rapid expansion has also increased their debts and dependency on the government. Cases of corruption have further weakened their political influence. Long-term supply contracts have made a greater contribution to the security of energy supply as compared with equity oil and gas. Nationalistic preferences for investment over trade increase company risks but are somewhat mitigated by an integral economic package approach and political backing in weak countries. Recent policies to reduce monopoly power are unlikely to produce viable commercial alternatives, but may increase the focus on listed daughter companies, overseas assets and international trading. Because of these developments and the recent fall in oil prices, a better evaluation of political and economic risks is required.

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Section: Ccp and Government Control And Political Influence Of The National Oil Companiesmentioning

confidence: 99%

The global expansion of Chinese oil companies: Political demands, profitability and risks

Vermeer

2015

China Information

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“…State ownership of resource corporations is a tool used by certain political elites to advance their standing within domestic politics. This is seen in China, where oil firms are part of the nomenklatura system of the Chinese Communist Party and management posts act as a springboard for national leadership (Taylor 2012); as well as in Russia, where the recent renationalisation of the oil industry was driven by the campaign against the socalled 'oligarchs' opposed to the Putin regime (Bradshaw 2009). …”

Section: Domestic Policy Preferences and Resource Nationalismmentioning

confidence: 99%

Regionalising resource security in the Asia-Pacific: the challenge of economic nationalism

Wilson¹

2014

Australian Journal of International Affairs

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In recent years, efforts to institutionalise resource security cooperation in the Asia-Pacific region have intensified. Soaring world prices for minerals and energy have seen a range of resource security strategies launched-through the Association of Southeast Asian Nations (ASEAN), ASEAN Plus Three, Asia-Pacific Economic Cooperation and the East Asia Summit-all of which aim to promote intergovernmental dialogue, policy coordination and the integration of regional resource markets. However, the practical achievements of these regional efforts have been limited, as none have advanced beyond dialogue activities to more formalised types of resource security cooperation. This article examines the dynamics of these abortive attempts to regionalise resource cooperation in the Asia-Pacific, arguing that economic nationalist resource policy preferences held by governments have acted as a major obstacle to cooperation. Through an analysis of national resource policy regimes and the outputs of recent cooperative efforts, it demonstrates how economic nationalism has encouraged inward-looking and sovereignty-conscious actions on the part of major resource players in the Asia-Pacific. As a result, intergovernmental resource cooperation has been limited to informal and voluntary 'soft-law' initiatives, which have not made a substantive contribution to the resource security of economies in the region.

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“…The academic literature provides the core information and perspectives (but is limited in detail). An English language overview over the development of the petroleum industry can be found inNolan (2001aNolan ( , 2014 andTaylor (2012). A large number of newspaper articles and web articles were consulted.…”

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confidence: 99%

The Unfinished Business of State-owned Enterprise Reform in the People’s Republic of China

Holz

2018

SSRN Journal

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This paper examines the progress of state-owned enterprise (SOE) reform in the People's Republic of China. After defining SOEs and considering their scope of operation within the PRC economy, the focus of the paper is on the major reform waves that followed the deterioration of SOE profitability in the early 1990s. The oil industry serves to illustrate industry-specific SOE reform trends as well as the latest reform developments. Until today, a stable, successful, longterm arrangement of state ownership has remained elusive. SOE reform is incomplete as long as a number of fundamental governance issues are not resolved. But these are difficult to resolve in the context of Party-controlled state-owned enterprises.

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China’s Oil Industry: ‘Corporate Governance with Chinese Characteristics’

Cited by 5 publications

References 14 publications

The global expansion of Chinese oil companies: Political demands, profitability and risks

The global expansion of Chinese oil companies: Political demands, profitability and risks

Regionalising resource security in the Asia-Pacific: the challenge of economic nationalism

The Unfinished Business of State-owned Enterprise Reform in the People’s Republic of China

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