Chinese NOCs' expansion

Conglin Xu Senior Editor-Economics Backed by vast foreign exchange reserves and taking advantage of the world economic downturn, Chinese national oil companies (NOCs) have purchased assets in the Middle East, North America, Latin America, Africa, and Asia. China's overseas equity oil production increased from 140,000 b/d in 2000 to more than 1.5 million b/d of oil production in 2011, according to the International Energy Agency. As the NOCs have expanded overseas, they also have adapted strategy to experience and encountered new questions at home. Chinese NOCs work as high-ranking bureaucracies, growing out of government ministries and serving national welfare. They also work as profit-ma...

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