China’s state-controlled oil and gas firms have a degree of autonomy but they ultimately are state-backed, according to experts.
There are three main oil companies – Sinopec, CNOOC and CNPC – said Janet Xuanli Liao, Dundee University lecturer in international relations and energy security.
Most are linked to the government through their senior management also being government officials – while also being fully-trained engineers or petroleum experts – and are known to be put in place by the Communist party of China.
While their trading subsidiaries are listed on stock markets, their parent firms also have to gain authorisation from the party for deals over a certain amount of cash, says Ms Liao.
“All three are listed in the market and you can see they are commercial marketed companies but are not really in a sense,” she said.