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The rise and rise of Chinese oil companies

Chinese NOCs are getting more sophisticated both at home and overseas

As domestic energy demand soared, China’s energy policy over the past 10 years largely consisted of a quest to secure more of everything. The policy continues. Despite a cooling economy and moderating consumption at home, there is no end in sight to the overseas adventures of China’s three big national oil companies (NOCs). Since early 2012, they have committed more than $30 billion to foreign investments, as they strive to boost their technological capacity and internationalise their operations. But it is getting trickier. “The Chinese have a strong appetite to buy more, but whether developed countries allow them to invest is another question,” Simon Wong, a senior credit officer at rating

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