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Security and Profit in China’s Energy PolicyHedging Against Risk$
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Øystein Tunsjø

Print publication date: 2013

Print ISBN-13: 9780231165082

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231165082.001.0001

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China’s Domestic Energy Sector

China’s Domestic Energy Sector

(p.37) 3 China’s Domestic Energy Sector
Security and Profit in China’s Energy Policy

Øystein Tunsjø

Columbia University Press

This chapter first examines the important relationship between the central government and the national oil companies (NOCs) and the governance of China’s energy sector. It argues that China’s leaders have the authority to control the NOCs and therefore the means to develop and implement a hedging strategy that provides opportunities to manage a potential crisis in the international petroleum market and minimizes risks to China’s energy security. It then analyzes China’s energy mix and the drivers behind its demand for oil. Finally, it explores how domestic hedging strategies have been developed and implemented by focusing on the construction of strategic petroleum reserves (SPRs) and on developing a refinery capacity.

Keywords:   China, energy security policy, central government, national oil companies, energy regulation, hedging, petroleum imports, strategic petroleum reserves, refinery capacity

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