期刊
GEOFORUM
卷 146, 期 -, 页码 -出版社
PERGAMON-ELSEVIER SCIENCE LTD
DOI: 10.1016/j.geoforum.2023.103880
关键词
National oil company; Globalization; Global financial networks; Global production networks; State-firm nexus; Geopolitical risks
类别
Chinese national oil companies have pursued modernization through globalization, but it has also increased geopolitical risks, resulting in a retreat from overseas investment.
Both the going global strategy and the Belt and Road Initiative have prompted Chinese companies to carry out overseas investment and global financing. China's three major national oil companies (NOCs), China National Petroleum Corporation (CNPC), China Petrochemical Corporation (Sinopec), and China National Offshore Oil Corporation (CNOOC) have pursued modernization through globalization while balancing profitability and national energy security. This paper attempts to shed some light on NOCs' going global process by integrating global production networks' (GPNs) extra-firm (state-firm) relations and global financial networks' (GFNs) emphasis on world cities and financial and advanced business services providers. Going global, however, has also increased NOCs' geopolitical risks, resulting in a retreat from the financial centers of world cities and a return home. This paper contributes to the GPN/GFN literature by examining the interactions between lead firms from developing economies and extra-firm actors while also emphasizing the increasing significance of geopolitical risks.
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