A Comparative Study Of Chinese-Korean Overseas Energyresource Development Strategy

Having suffered two petroleum storms and the expansion of resourcenationalism, energyresources have become a significant factor which canshake the world economy.And thus, countries worldwide are starting aninvisible diplomatic war in an effort to gain more energy resources.Dueto theimbalanceof demand and supply of energy resources around the globe,the rise of energy prices imposes profound burden on the economic growthof each country.On the one hand, in countries with abundant energyresources, the spreading of concepts like resource weaponization (i.e.enhancing control on their own resources) and nationalism is noticed.Onthe other hand, the imbalance of energy supply and demand is deterioratedby the increase of energyconsumptionresulting from population swelling,the growing demand of energy from developing countries, etc. The21stcentury witnesses growing concern about energy shortage, aggravationof energy resources competition and the resulting fluctuations of price,and increasing discussion on resource crisis.To ensure energysafety,competition between countries is getting fiercer.In particular, forChina and Korea which depend heavily on overseas energy resources, energycrisis shall exert greater influence on their national economies thanon any other countries.Since the Reform and Opening Up policy was carried out in1984, China’economy has maintained a remarkable annual growth of9.4%, during whichthe demand increase rate of energy has surpassed that of supply. Withlarge scale onshore oilfields and offshore oilfields, however, Chinabecame a petroleum import country in1993. In2012, China’s energyconsumption amount was2.7352tons oil equivalent, ranking the first inthe world. Petroleum consumption amount and import amount both rankedthe second in the world with57%depending on import, while the external dependence of natural gas was24%.Korea’s energy consumption amount in2012was271.1million tons ofequivalent, ranking the ninth in the world. The import amount ofpetroleum ranked the fifth in the world, whose dependence on Middle Eastcountries accounted for85.2%, thus the problem of single supply areabeing prominent.Given the fact that most energy resources relying on import, Chinaand Korea, as countries with great consumption amount, must resolve theurgent issue of the safety and development of energy resources. Therefore,revolving around the overseas energy development strategies of the twocountries, the thesis analyzes the formulation and evolution of overseasenergy development strategies of the two countries, summarizes resourcediplomacy led by heads of state, the selection of strategic cooperationcountry, the role of state-owned enterprises, capital capacity, etc. intwo respective strategies, in order to lay a foundation for thecomparison of the overseas energy development strategies of China andKorea.The thesis conducts comparative analysis of the overseas energydevelopment strategies of the two countries, describestheircharacteristics and difference between them, and draws someinspirations. Meanwhile, based on the above analysis and results, thethesis lays down the principle, target, main field, method, and mode ofSino-Korea overseas energy cooperative development, and providesSino-Korea further overseas energy cooperative development withdecision-making basis.