Skip to main content

2019 | OriginalPaper | Buchkapitel

2. Chinese Oil Investments in Latin America: Evolution, Behavior, and Motivations

verfasst von : Wenyuan Wu

Erschienen in: Chinese Oil Enterprises in Latin America

Verlag: Springer International Publishing

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config
loading …

Abstract

The chapter offers a panoramic overview of the Chinese oil industry, Chinese NOCs in relationship with the Chinese government, and Chinese oil interests in Latin America. Chinese NOCs are characterized as complex political economic agents that carry dualistic features of furthering political mandates and simultaneously showing autonomy from the government to gravitate toward corporate objectives. Although negative voices regarding their social images in Latin America abound, a systematic analysis of evidence discovers many instances of positive impacts in host societies. Indeed, these companies must be evaluated on a case-by-case basis, with attention to the particular sociopolitical environment they face in each investment setting. In other words, this chapter establishes an empirical context of Chinese oil investments in Latin America.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Springer Professional "Technik"

Online-Abonnement

Mit Springer Professional "Technik" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 390 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Maschinenbau + Werkstoffe




 

Jetzt Wissensvorsprung sichern!

Fußnoten
1
US EIA (2014a) China Is Now the World’s Largest Net Importer of Petroleum and Other Liquid Fuels http://​www.​eia.​gov/​todayinenergy/​detail.​cfm?​id=​15531, date accessed 2 September 2014.
 
2
US EIA (2014b) Short-Term Energy Outlook September 2014 http://​www.​eia.​gov/​forecasts/​steo/​archives/​sep14.​pdf, date accessed 9 September 2014.
 
3
US EIA (2015f) Short-Term Energy Outlook September 2015 http://​www.​eia.​gov/​forecasts/​steo/​tables/​?​tableNumber=​6#, date accessed 26 September 2015.
 
4
PetroChina is CNPC’s main subsidiary listed on the New York Stock Exchange, the Hong Kong Stock Exchange, and the Shanghai Stock Exchange. For more information, see http://​www.​petrochina.​com.​cn/​ptr/​gsjj/​gsjs_​common.​shtml
 
5
Large-scale upstream oil and gas acquisitions by Chinese NOCs in Latin America did not take place until the late 2000s, but most of these new deals were made in multi-billion dollars, rivaling Western-headquartered international oil companies that were present in the region much longer than Chinese NOCs.
 
6
Denis Crispin Twitchett and John King Fairbank (1978) The Cambridge History of China: Late Ch’ing, 1800–1911, pt. 2 (Cambridge: Cambridge University Press), 9.
 
7
CNPC News Center (2009) 中国石油工程百年发展历程 (A Hundred Years of Chinese Oil Industry) http://​center.​cnpc.​com.​cn/​bk/​system/​2009/​06/​04/​001240529.​shtml, date accessed 9 September 2014.
 
8
CNPC News Center, A Hundred Years.
 
9
Trevor Houser (2008) ‘The Roots of Chinese Oil Investment Abroad’, Asia Policy 17 no. 5144.
 
10
Houser, ‘The Roots of’, 144.
 
11
Shiyun Zhang and Huaiyu Yuan (2005) ‘中国石油海外投资现状、问题及对策 (China’s Overseas Petroleum Investment: Situation, Problems, and Policy Suggestions), Natural Resource Economics of China 11, 27.
 
12
Zhang and Yuan, ‘China’s Overseas’, 27.
 
13
Fangtang Wang (2014) ‘60 年新中国经济史记:行业本纪之能源业 (The PRC’s 60 Years of Economic History: The Energy Industry)’, Ifeng Finance, http://​finance.​ifeng.​com/​news/​special/​sytrq60th/​, date accessed September 14, 2014.
 
14
Wang, ‘The PRC’s 60’.
 
15
Jin Zhang (2004) Catch-up and Competitiveness in China: The Case of Large Firms in the Oil Industry (London: Routledge Cruzon), 101.
 
16
Xuchao Yan (1998) 中国石油大重组 (The Massive Restructuring of the Chinese Oil Industry) (Beijing: Petroleum Industry and Trade), 1–3.
 
17
Chih-shiian Liou (2008) ‘Bureaucratic Politics and Overseas Investment by Chinese State-Owned Oil Companies: Illusory Champions’, Asian Survey 49, no. 4: 675–6.
 
18
Houser, ‘The Roots’, 146.
 
20
NDRC (2015) ‘Report on the Implementation of the 2014 Plan for National Economic and Social Development and On the 2015 Draft Plan for National Economic and Social Development: Third Session of the Twelfth National People’s Congress’, http://​www.​npc.​gov.​cn/​englishnpc/​Special_​12_​3/​2015-03/​19/​content_​1930758.​html, date accessed 5 March 2015.
 
21
Jiang and Chen, ‘Updates on Overseas’, 15.
 
22
Stephen Aldred et al. (2014) ‘Sinopec to Sell $17.5 Billion Retail Stake in Privatization Push’, Reuters, http://​www.​reuters.​com/​article/​2014/​09/​15/​us-china-sinopec-idUSKBN0H90JS201​40915#ysql0skpGHxApZ04​.​97
 
23
Liou, ‘Bureaucratic Politics’, 683–4.
 
24
Houser, ‘The Roots’, 148.
 
25
Julie Jiang and Jonathan Sinton (2011) ‘Overseas Investments by Chinese National Oil Companies: Assessing the Drivers and Impacts’, International Energy Agency, 17–21.
 
26
Julie Jiang and Chen Ding (2014) ‘Update on Overseas Investments by China’s National Oil Companies’, International Energy Agency.
 
27
Chietigj Bajpaee (2015) ‘Chinese Energy Strategy in Latin America’, The Jamestown Foundation.
 
28
US EIA (2015d) Mexico Overview http://​www.​eia.​gov/​countries/​cab.​cfm?​fips=​MX, date accessed 5 December 2015.
 
29
US EIA (2015c) Colombia Overview http://​www.​eia.​gov/​countries/​cab.​cfm?​fips=​CO, date accessed 5 December 2015.
 
30
US EIA (2015e) Venezuela Overview http://​www.​eia.​gov/​countries/​cab.​cfm?​fips=​VE, date accessed 5 December 2015.
 
31
Santiago Navarro F., and Renata Bessi (2015) ‘Fracking Expands in Latin America, Threatening to Contaminate World’s Third-Largest Aquifer’, Truthout.Org, http://​www.​truth-out.​org/​news/​item/​33910-fracking-expands-in-latin-america-threatening-to-contaminate-world-s-third-largest-aquifer, last modified 6 December 2015.
 
32
US EIA, Venezuela Overview.
 
33
Joshua Schneyer (2015) ‘U.S. Virgin Islands Hovensa save by China’s Sinopec’, Reuters, http://​www.​petroleumworld.​com/​storyt15120201.​html, last modified 1 December 2015.
 
34
CNPC, Major Events: 1991.
 
35
CNPC, Major Events: 1991.
 
36
Houser, ‘The Roots’, 156.
 
37
Jiang and Chen, ‘Update’, 7.
 
38
CNPCETRI (2013) Report on Domestic and Overseas Oil and Gas Industry Development 2012, Beijing.
 
39
Jiang and Chen, ‘Update on Chinese’, 6.
 
40
Jiang and Chen, ‘Update on Chinese’, 6.
 
41
US EIA (2015f) Short-term Energy.
 
42
KPMG China (2011) China’s 12th Five-Year Plan: Energy.
 
43
Jiang and Sinton, ‘Overseas Investments by’, 22.
 
44
In these deals, the Chinese government extends a loan to a developing oil-producing country through several Chinese state-owned banks. These loans often require repayment by oil products at a fixed price or market price. Moreover, these loans include conditions that mandate collaboration between a Chinese NOC and its counterpart in the receiving country.
 
45
Data come from Jiang and Chen, ‘Update on Overseas’, and Jiang and Sinton, ‘Overseas Chinese Oil’.
 
46
Jian Gao, Dan Yang, and Xiucheng Dong (2009) ‘贷款换石油:中外石油合作新模式 (Loan-for-Oil: New Mode of Foreign Oil Cooperation)’, International Business Cooperation, no. 10.
 
47
Gao, Yang, and Dong, ‘Loan-for-Oil’.
 
48
Lily Kuo (2014) ‘Venezuela Just Mortgaged Another $4 Billion of Its Oil Exports to China’, Quartz, http://​qz.​com/​239106/​venezuela-just-mortgaged-another-4-billion-of-its-oil-exports-to-china/​. last modified 24 July 2014.
 
49
Jiang and Sinton, ‘Overseas Chinese Oil’, 14.
 
50
CNPC, CNPC in Latin.
 
51
CNPC Worldwide (2014) CNPC in Venezuela, http://​classic.​cnpc.​com.​cn/​en/​cnpcworldwide/​venezuela/​, date accessed 15 September 2014.
 
52
Paddy Harris (2014) ‘China Eyes Latin America Oil and Gas Potential’, Oil & Gas Technology, http://​www.​oilandgastechnol​ogy.​net/​upstream-news/​china-eyes-latin-america-oil-gas-potential, last modified 30 May 2014.
 
53
Ivan Castro (2013) ‘Nicaraguan Assembly OKs $40 Billion Chinese Canal to Rival Panama’s’, Reuters, http://​www.​reuters.​com/​article/​2013/​06/​13/​us-nicaragua-canal-idUSBRE95C1HI201​30613, last modified 13 June 2013.
 
54
Clifford Krauss and Keith Bradsher (2014) ‘China’s Global Search for Energy’, The New York Times, http://​www.​nytimes.​com/​2014/​05/​22/​business/​international/​chinas-global-search-for-energy.​html?​_​r=​0, last modified 21 May 2014.
 
55
CNPC, CNPC in Latin, 11.
 
56
A Spring 2015 Report on China in Latin America: Lessons for South-South Cooperation and Sustainable Development by the Global Economic Governance Initiative at the Boston University (April 2015) corroborates the self-reported data of 95% in local workforce composition by Andespetro.
 
57
Julian Donaubauer, Andres Lopez and Daniela Ramos (2015) ‘FDI and Trade: Is China Relevant for the Future of Our Environment? The Case of Argentina’, BU Global Economic Governance Initiative, 11.
 
58
Donaubauer, Lopez and Ramos, ‘FDI and Trade’, 2.
 
59
Jiang and Chen, ‘Update on Overseas’, 16–20.
 
60
Wenyuan Wu (2015) ‘China Steers Clear of Venezuela-US Dispute’, Latin Trade, http://​latintrade.​com/​china-steers-clear-of-venezuela-us-dispute/​, last modified May 21, 2014.
 
61
Adina Matisoff (2012) ‘Crude Beginnings: An Assessment of China National Petroleum Corporation’s Environmental and Social Performance Abroad’, Friends of the Earth Investor Brief, 23.
 
62
Forbes ‘25 Biggest Oil’.
 
63
Erica S. Downs (2013) Who’s Afraid of China’s Oil Companies?, 74.
 
64
Jiang and Sinton, ‘Overseas Chinese Oil’, 13.
 
65
Jiang and Sinton, ‘Overseas Chinese Oil’, 13.
 
66
Liou, ‘Bureaucratic Politics and’, 677.
 
67
Liou, ‘Bureaucratic Politics and’, 679–82.
 
68
Downs, ‘Who’s Afraid of’, 76.
 
69
Jiang and Chen, ‘Update on Overseas’, 8.
 
70
Houser, ‘The Roots of’, 153.
 
71
For example, see analysis of China-Latin America Cross-Council Taskforce (2013) ‘Chinese Foreign Direct Investment in Latin America and the Caribbean’, ECLAC Working Document, 9.
 
72
Ivar Kolstad and Arne Wiig (2012) ‘What Determines Chinese Outward FDI?’ Journal of World Business 47 Issue 1, 28.
 
73
David Zweig and Bi Jianhai (2005) ‘China’s Global Hunt for Energy’, Foreign Affairs September/October 2005 Issue.
 
74
Peter J. Buckley et al. (2007) ‘The Determinants of Chinese Outward Foreign Direct Investment’, Journal of International Business Studies 38 no. 4, 499.
 
75
Jing-Lin Duanmu (2012) ‘Firm heterogeneity and location choice of Chinese Multinational Enterprises (MNEs)’, Journal of World Business 47 no. 1, 64.
 
76
Yue Lin (2013) ‘China’s Outward Foreign Direct Investment in Latin America and the Caribbean: Ownership and Host Country Determinants’, n.p., 7.
 
77
Diego Quer, Enrique Claver and Laura Rienda (2012) ‘Political Risk, Cultural Distance, and Outward Foreign Direct Investment: Empirical Evidence from Large Chinese Firms’, Asia Pacific Journal of Management 29, 1090.
 
78
Lin, ‘China’s Outward Foreign’, 10.
 
79
Yadong Luo, Qiuzhi Xue, and Binjie Han (2010) ‘How Emerging Market Governments Promote Outward FDI: Experience from China’, Journal of World Business 45 no. 1, 75.
 
80
Lin, ‘China’s Outward Foreign’, 7.
 
81
Lin, ‘China’s Outward Foreign’, 7.
 
82
Downs, Who’s Afraid of, 74.
 
83
Houser, ‘The Roots of Chinese’, 144.
 
84
Jiang and Sinton, ‘Overseas Investments by’, 22.
 
85
Liou, ‘Bureaucratic Politics and’, 675–6.
 
86
Miguel Perez Ludena (2012) ‘Is Chinese FDI Pushing Latin America into Natural Resources?’ Perspectives on Topical Foreign Direct Investment Issues by the Vale Colombia Center on Sustainable International Development no. 63, 2.
 
87
Xiaoyu Liu, Percy Garcia, and Harrie Vredenburg (2014) ‘CSR Adoption Strategies of Chinese State Oil Companies: Effects of Global Competition and Cooperation’, Social Responsibility Journal 10, no. 1, 38.
 
88
Ludena, ‘Is Chinese FDI’, 2.
 
89
Jiang and Chen, ‘Updates on Overseas’, 16–20.
 
90
US EIA (2014c) Sudan and South Sudan: Analysis http://​www.​eia.​gov/​beta/​international/​analysis.​cfm?​iso=​SDN, date accessed September 3, 2014.
 
91
Ying Chen (2011) ‘Corporate Social Responsibility from the Chinese Perspective’, Indiana International & Comparative Law 21, no. 3, 421–5.
 
92
Matisoff, Crude Beginnings, 18.
 
93
Chen, ‘Corporate Social Responsibility’, 422.
 
94
Two good examples of such scholars: Wojtek Mackiewicz Wolfe and Annette S. Leung Evans (2011) ‘China’s Energy Investments and the Corporate Social Responsibility Imperative’, Journal of International Law and International Relations 6 no. 2: 93; Li-Wen Lin (2010) ‘Corporate Social Responsibility in China: Window Dressing or Structural Change’, Berkeley Journal of International Law 28, no. 1, 96.
 
95
Lin, ‘Corporate Social Responsibility’, 64.
 
96
Yang, ‘Corporate Social Responsibility’, 4.
 
97
Matisof, Crude Beginnings of, 18.
 
98
Wolfe and Evans, ‘China’s Energy Investment’, 95; Matisof, Crude Beginnings of, 26.
 
99
Wolfe and Evans, ‘China’s Energy Investment’, 95.
 
100
Silvano Tordo, Brandon S. Tracy and Noora Arfaa (2011) ‘National Oil Companies and Value Creation’, World Bank Working Paper no. 218, 53.
 
101
Ye Cai, Carrie Pan and Meir Statman (2012) ‘The Corporate Social Responsibility of Chinese Corporations’.
 
102
Rebecca Ray et al. (2015) ‘China in Latin America: Lessons for South-South Cooperation and Sustainable Development’, Global Economic Governance Initiative, Boston University, 3.
 
103
See Sect. 2.3 in this chapter.
 
104
Ray et al., ‘China in Latin America’, 5.
 
Metadaten
Titel
Chinese Oil Investments in Latin America: Evolution, Behavior, and Motivations
verfasst von
Wenyuan Wu
Copyright-Jahr
2019
DOI
https://doi.org/10.1007/978-3-319-89863-6_2

Premium Partner