Going Global: Chinese Oil and Mining Companies and the Governance of Resource Wealth
|December 18 2010|
Wilson Center Public Policy Scholar Jill Shankleman conducted a six-month research project to examine the impact of China's oil and mining companies' recent overseas expansion on the governance of resource wealth.
EXEC UTIVE SUMMARY
2. The paper covers four topics:
3. China’s upstream oil industry is dominated by four large corporations that are majority state-owned, but also listed on Chinese and international stock exchanges, including the New York Stock Exchange. Each of these companies (CNPC, Sinopec, CNOOC, and Sinochem) has overseas as well as domestic upstream operations. The mining industry currently includes some twenty large corporations that have overseas exploration or production activities, and a very large number of smaller mining companies, both state and privately owned, that operate predominantly within China.
Consolidation in the state-owned mining sector to create a smaller number of large corporations is underway, and further concentration is expected. The large state mining houses are, like the oil companies, starting to secure stock exchange listings in Hong Kong and New York. Though most of the large mining companies that currently operate overseas are majority state-owned, some wholly private-sector mining companies are found overseas, too.
4. The majority state-owned oil and mining companies now operate within a rapidly evolving strategic framework established by SASAC (State-owned Assets Supervision and Administration Commission of the State Council). These companies are expected to focus on becoming internationally competitive and internationally listed corporations, signaled by securing Global Fortune 500 status. (As of mid-2008, eight Chinese extractive companies had achieved this goal.)
5. From around the turn of the century, Chinese corporations have been encouraged to “go global” and invest overseas. This has resulted in a close to global presence of Chinese oil and mining companies, involved in resource-rich countries from Australia to Zimbabwe. ...
PDF format, 700KB, 122Pages.
|Last Updated ( December 18 2010 )|
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