Research On Overseas Investment Of Chinese Petroleum Industry

With the development of China's economy, the imbalance between supply and demand of petroleum is more and more conspicuous, the proportion of petroleum import to consumption of our country rises year by year. Domestic petroleum enterprises invest in overseas petroleum one after another, in order to aspire for the stability of the Chinese petroleum upply, therefore, it become important to study the Chinese petroleum overseas investment problems.Referring to the achievement made both at home and abroad, and in accordance with the facts in China, we further investigate the problems to background , such as scale ,way , integrating and capital source of investment , competition and cooperation of overseas investment, etc.. The article attempts to discover the rule of overseas petroleum investment, looks for correct method of overseas petroleum investment in China, and serves the overseas petroleum investment of industry of our country.Our study mainly draws lessons from the international direct investment theory, combines the abstract theory with positive research, and analyses the question and operation law of Chinese petroleum overseas investment. Involving the specific advantage theory while studying, theory of core assets, the industry weaves theory relevant trans-corporation's theory, value chain theory, strategic foreign direct investment theory, risk decentralized direct investment theory, game theory, etc.China's overseas petroleum investment can be divided into: At starting stage (1992-2001), two stages at preliminary developing stage (2002-2005). Chinese petroleum overseas investment regards hitting three major groups of petroleum, China Petrochemical Industry, overseas investment as the subject, start relatively late, but development speed is very fast; Problem faced in overseas investment: The high-quality petroleum resources lack, can't satisfy the domestic oil demand; The shortage of the fund, investment is with high costs; The China overseas petroleum invests and faces keen competition.The overseas macroscopical reason that throws of Chinese petroleum comes from: The stability petroleum supply with, it is influenced etc. that the petroleum supplies with safely, balances international revenue and expenditure, national development strategy and policy. The overseas microcosmic that throws of Chinese petroleum is moved mainly: Remedy the deficiency of the domestic petroleum resources, obtain the international comparative economic benefits, explore world market to do, utilize the foreign advanced technology.China overseas petroleum investment way is it make the investment with transnational merger investment way for petroleum green land to divide mainly. The investment way of transnational merger can begin the exploration and development business of overseas oil gas during shorter time, China locks the main goal on the oil reserve that is verified, buys oil gas assets directly, practice has proved, China's overseas petroleum investment produces effects obviously.The macroscopical decisive factor of the scale of investment of overseas petroleum in China includes mainly: Petroleum supply-demand relationship, energy consumption structure, the degree of opening of the government of host country, etc.. It is determined that the micro factor of the overseas scale of investment includes mainly: The overseas operations objectives of petroleum enterprises, manage the strength, an impact on scale of investment of Chinese petroleum of the foreign competitor's action. The basic method to confirm scale of investment of overseas petroleum includes mainly, proportion law, absolute magnitude law, consult law, etc..China overseas petroleum is it rely mainly on the fact that integrate vertically to integrate, early to exploit and is it integrate to sell mainly, is it develop to explore and exploit integrating afterwards, set foot in oil refining with selling integration and then, and then swim and integrate from upstream to downstream further. There is relation of non-coalition game between Chinese enterprise, foreign competitor and host country enterprise, entry measure, the competition behaviors of host country enterprises instead of studying the rival, make correct countermeasure , having important meanings to Chinese multinational petroleum enterprises. The analysis of coalition game shows: Should solve the overseas petroleum resources in China and compete for the problem sustainably, cooperating should become long-term strategy of sharing international petroleum resources of petroleum industry of our country with the alliance, it is our country that manages the overseas petroleum resources competition and important tactics of the conflict too.The financing way of the Chinese petroleum trans-corporation is mainly as follows, inside financing, the market of medium and long term credit of the bank, the financing of security market, project financing. Security market financing, have the characteristics that financing is big in scale, Chinese petroleum enterprise raise funds of the situation prove this even in capital market. Fund-raising is chosen, cost and structure of raising funds that consider raising funds in sovereignty.