中国石油企业海外投资的根源.doc.docVIP

The Roots of ChineseOil Investment Abroad Trevor House 中国石油企业海外投资的根源 特雷弗· 豪泽 P151-P154 P158-P161 Motive: why china’s NOCs“go ou t” 动机：中国国家石油企业为什么要进行投资 As with the relationship between the petroleum industry and the government, what motivates Chinese oil companies to invest overseas is a subject of considerable research and debate.13 This article addresses the issue by coupling analysis of the economic incentives and regulatory constraints Chinese firms face with the companies’ observed behavior overseas. Within this context the article makes several general comments regarding the elite dialogue occurring in Beijing policy circles as to whether such foreign investment serves China’s national security goals. 鉴于石油工业与政府之间的关系，中国石油企业进行海外投资的动机就变成一个值得深入研究和讨论的问题。这篇文章结合分析中国石油公司面临的经济激励、调控制约和海外投资行为来解决这一问题。这篇文章对中国政府决策层中讨论关于海外投资是否有利于实现中国国家安全的目标做了一些评论。 As discussed above, liberalized upstream oil prices and controlled retail gasoline and diesel prices have wreaked havoc on the balance sheets of CNPC’s and Sinopec’s downstream operations. In response, both companies have sought to expand their domestic exploration and production portfolios, particularly in natural gas. Sinopec has been the most successful in this regard; significant gas discoveries in western China helped to offset the firm’s refinery losses. Both companies have, however, also attempted to improve the economics of refining through political clout and dominant market position. 如上所述，上游自由的石油价格和受到控制的汽油和柴油价格已经对中国石油集团和中石化下游业务的财务平衡状况造成了严重的破坏。因此，这两家公司已经开始寻求扩大国内市场和产品组合，特别是天然气。中石化在这方面是做的最成功；在中国西部发现的大量天然气帮助中石化抵消炼油厂的损失。但这两家公司都试图通过其政治影响力和市场的垄断地位来改善财政状况。 Between 2003 and 2006 both the volume of China’s crude oil imports and the price per barrel for that crude doubled. Because refiners were unable to pass on that cost increase to consumers, the downstream sector began hemorrhaging money—$5 billion in losses in 2006 alone.14 Sinopec and CNPC did not sit idly by while th