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Linking China's Energy Strategy with Venezuela

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Linking China's Energy Strategy with Venezuela Linking China’s Energy Strategy with Venezuela: Transnationalization of Chinese NOCs and Geopolitical Implication of China-Venezuela Relations Author: Changwei Tang (10866825) Supervisor: Dr. M. (Mehdi) Parvizi Amineh Second Reader: Prof. Dr. Kurt Radtke Date: 26th June 2015 Master Thesis Political Science: International Relations Research Project: Political Economy of Energy 1 Table of Content Abstract ..................................................................................................................................... 4 Acknowledgement .................................................................................................................... 5 Maps of the Selected Countries .............................................................................................. 6 List of Figures and Tables ....................................................................................................... 8 List of Abbreviations ............................................................................................................... 9 Chapter 1. Research Design .................................................................................................. 10 1.1 Introduction ............................................................................................................................................... 12 1.2 Literature Review .................................................................................................................................... 12 1.2.1 Chinese Energy Security ............................................................................................................ 13 1.2.2 China’s Going-Out Policy ......................................................................................................... 14 1.2.3 Chinese NOCs ............................................................................................................................... 14 1.2.4 China-Venezuela Relations ....................................................................................................... 15 1.2.5 Post-Neoliberalism and Chavismo in Venezuela ............................................................... 16 1.3 Theoretical Framework ........................................................................................................................ 17 1.3.1 Energy Security and Scarcity Model ...................................................................... 18 1.3.2 Nature of National Oil Companies ......................................................................... 19 1.3.3 Transnationalization ................................................................................................ 20 1.3.4 Critical Geopolitics ................................................................................................. 21 1.4 Hypotheses .................................................................................................................................................. 23 1.5 Operationalization and Methodology ............................................................................................. 24 1.6 Organization of Work ........................................................................................................................... 25 Chapter 2. Chinese Energy Security and National Oil Companies .................................. 27 2.1 Introduction ...................................................................................................................... 27 2.2 China’s Energy Situation ................................................................................................ 28 2.3 China’s Energy Policy ..................................................................................................... 30 2.4 Governance of Chinese NOCs ......................................................................................... 32 2.4.1 Overview ................................................................................................................. 32 2.4.2 State-led or Hybrid Corporate Governance? ......................................................... 33 2.4.3 Dual Responsibility ................................................................................................. 39 2.5 Conclusion ........................................................................................................................ 42 Chapter 3. China-Venezuela Economic Relations .............................................................. 44 3.1 Introduction ...................................................................................................................... 44 3.2. Diplomatic Relations ....................................................................................................... 45 2 3.3 Economic Relations .......................................................................................................... 50 3.3.1 Sino-Venezuela Oil Trade ....................................................................................... 50 3.3.2 China’s Investment in Venezuela ........................................................................... 56 3.4 Financial Mechanism ....................................................................................................... 62 3.5 Conclusion ........................................................................................................................ 64 Chapter 4. CNPC in Venezuela ............................................................................................ 66 4.1 Introduction ...................................................................................................................... 66 4.2 CNPC in Venezuela Since 1997 ...................................................................................... 66 4.2.1 Intercampo-Caracoles Oilfield ................................................................................ 67 4.2.2 MPE3 (Orimulsion Project) .................................................................................. 69 4.2.3 Zumano Oilfield ...................................................................................................... 70 4.2.4 Orinoco Oil Belt ...................................................................................................... 70 4.3 Competition between CNPC and IOCs in Venezuela ................................................... 73 4.4 Corporate Social Responsibility of CNPC ..................................................................... 75 4.5 Conclusion ........................................................................................................................ 76 Chapter 5. Strengthening China-Venezuela Relations: Potential Risks and Geopolitical Implications .......................................................................................................................... 78 5.1 Introduction ...................................................................................................................... 78 5.2 China-Venezuela: Problematic ‘Comprehensive Strategic Partnership’? ................. 79 5.2.1 China’s Intention of Engaging with Venezuela ...................................................... 79 5.2.2 Venezuela: Obtaining Benefits by Allying with China .......................................... 82 5.3 Potential Risks and Challenges for Chinese Government and NOCs ......................... 84 5.4 Geopolitical Implication of Sino-Venezuela Relations: US Perspective ..................... 87 5.5 Conclusion Remarks ........................................................................................................ 90 Chapter 6. Conclusion ........................................................................................................... 91 Bibliography ........................................................................................................................... 97 3 Abstract This thesis intends to link China’s energy strategy with Venezuela. With the growing demand for energy resources, Chinese government has been adopting a different way, comparing to western countries, in assuring its energy security, in which the state ruling elites effectively controls China’s NOCs and connect them with overseas market. Meanwhile, as a resource-rich country, Venezuela has the largest oil reserve in the world, thus establishing an energy partnership is fundamentally beneficial for China. However, whether the expanding commercial activities of Chinese NOCs in Venezuela or China-Venezuela political and economic cooperation have provoked some challenges for China, and caused geopolitical implications for the United States. It deserves to research as how those factors are influencing China’s energy strategy towards Venezuela, and how should China adjust the energy policy in order to realize its energy objectives in the near future. 4 Acknowledgement Upon my 22nd birthday and completion of the master thesis, my study life in Amsterdam has officially come to an end. During the past 10 months, I’ve experienced innumerable challenges and difficulties in my life and study, which are actually transformed into my endeavor for the master program. The four-month research project Political Economy of Energy has molded me into a person with more comprehensive research knowledge, academic insights, and problem-solving skills. Hereby, first and foremost, I would like to thank my supervisor Dr. Mehdi Amineh for his dedicated help and guidance, without whom I could never finish this thesis smoothly.
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