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52. Security and Profit in China's Energy Policy: Hedging Against Risk
- Author:
- Øystein Tunsjø
- Publication Date:
- 11-2013
- Content Type:
- Book
- Institution:
- Columbia University Press
- Abstract:
- China has developed sophisticated hedging strategies to insure against risks in the international petroleum market. It has managed a growing net oil import gap and supply disruptions by maintaining a favorable energy mix, pursuing overseas equity oil production, building a state-owned tanker fleet and strategic petroleum reserve, establishing cross-border pipelines, and diversifying its energy resources and routes. Though it cannot be "secured," China's energy security can be "insured" by marrying government concern with commercial initiatives. This book comprehensively analyzes China's domestic, global, maritime, and continental petroleum strategies and policies, establishing a new theoretical framework that captures the interrelationship between security and profit. Arguing that hedging is central to China's energy-security policy, this volume links government concerns about security of supply to energy companies' search for profits, and by drawing important distinctions between threats and risks, peacetime and wartime contingencies, and pipeline and seaborne energy-supply routes, the study shifts scholarly focus away from securing and toward insuring an adequate oil supply and from controlling toward managing any disruptions to the sea lines of communication. The book is the most detailed and accurate look to date at how China has hedged its energy bets and how its behavior fits a hedging pattern.
- Topic:
- Security, Energy Policy, International Trade and Finance, Oil, and Maritime Commerce
- Political Geography:
- China and East Asia
- Publication Identifier:
- 9780231165082
- Publication Identifier Type:
- ISBN
53. Is China's outward investment in oil a global security concern?
- Author:
- Ilan Alon and Aleh Cherp
- Publication Date:
- 10-2012
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- The motivations prompting China's dramatic increase in outward foreign direct investment (OFDI) are not always clear, especially regarding OFDI by state-owned enterprises (SOEs) in energy and natural resources. First, both commercial and governmental interests are intertwined, although not necessarily in lock-step. Chinese SOEs listed in the West may worry about the reputational risks to their global corporate citizenship, while government stakeholders may instead focus on diplomatic international relations. Second, subsidies for oil investments may be viewed as serving Chinese national interests and threatening the national security of the host countries. Whether China's OFDI will benefit or harm global energy security, economic development and diplomatic relations is still hotly contested.
- Topic:
- Economics, Emerging Markets, Energy Policy, International Trade and Finance, Oil, and Foreign Direct Investment
- Political Geography:
- China
54. The China Model and U.S. Energy Policy
- Author:
- Lee Lane
- Publication Date:
- 09-2012
- Content Type:
- Working Paper
- Institution:
- Hudson Institute
- Abstract:
- Americans are right to be dismayed with U.S. energy policy. For forty years, presidents of both parties have backed a series of fanciful "breakthrough technologies." From synfuels to Solyndra, these schemes have turned out to be costly disappointments and the source of a recurring political drama. After failures become clear, Congress sometimes conducts oversight hearings. But it welcomes each new scheme as a pretext for pork barrel politics. Neither the executive nor the legislature ever learns from past failures.
- Topic:
- Energy Policy and Science and Technology
- Political Geography:
- United States, China, and Germany
55. A greener shade of grey: A special report on renewable energy in China
- Publication Date:
- 05-2012
- Content Type:
- Working Paper
- Abstract:
- Fossil fuels will continue to dominate China's energy mix, although renewable energy will carve out a bigger role. The large market for clean technology that this provides will give succour to firms in the sector—those, that is, that are able to survive their present difficulties.
- Topic:
- Climate Change, Energy Policy, Environment, International Trade and Finance, Oil, and Natural Resources
- Political Geography:
- China
56. China—Leader or Laggard on the Path to a Secure, Low-Carbon Energy Future?
- Author:
- Sarah O. Ladislaw and Jane Nakano
- Publication Date:
- 09-2011
- Content Type:
- Working Paper
- Institution:
- Center for Strategic and International Studies
- Abstract:
- There has been a great deal of talk about whether and how China will manage its need to provide enough energy to ensure continued economic growth while avoiding the local and global environmental impacts of its energy production and use. To listen to the political discourse, China is either a global leader on clean energy technologies and transformation or the largest source of emissions with serious, systemic local environmental degradation. How can it at once be a low-carbon leader and a laggard?
- Topic:
- Climate Change, Development, and Energy Policy
- Political Geography:
- China
57. China's Energy and Security Relations with Russia: Hopes, Frustrations and Uncertainties
- Author:
- Linda Jakobson, Paul Holtom, Dean Knox, and Jingchao Peng
- Publication Date:
- 10-2011
- Content Type:
- Working Paper
- Institution:
- Stockholm International Peace Research Institute
- Abstract:
- Fifteen years have passed since China and Russia formed a 'strategic cooperative partnership' in 1996, and 2011 marks the 10th anniversary of their 2001 Treaty of Good-Neighbourliness and Friendly Cooperation. Considering the significant changes that have taken place in China and Russia over this period, it is well worth assessing the meaning of the China–Russia 'strategic partnership' and their declared 'good-neighbourly' relations.
- Topic:
- Arms Control and Proliferation, Energy Policy, Oil, and Bilateral Relations
- Political Geography:
- Russia and China
58. An Evaluation of Overseas Oil Investment Projects Under Uncertainty Using a Real Options Based Simulation Model
- Author:
- ZhongXiang Zhang, Lei Zhu, and Ying Fan
- Publication Date:
- 11-2011
- Content Type:
- Working Paper
- Institution:
- East-West Center
- Abstract:
- This paper applies real options theory to establish an overseas oil investment evaluation model that is based on Monte Carlo simulation and is solved by the Least Squares Monte-Carlo method. To better reflect the reality of overseas oil investment, the model has incorporated not only the uncertainties of oil price and investment cost but also the uncertainties of exchange rate and investment environment. These unique features have enabled the model to be best equipped to evaluate the value of oil overseas investment projects of three oil field sizes (large, medium, small) and under different resource tax systems (royalty tax and production sharing contracts). In the empirical setting, China was selected as an investor country and Indonesia as an investee country as a case study. The results show that the investment risks and project values of small sized oil fields are more sensitive to changes in the uncertainty factors than the large and medium sized oil fields. Furthermore, among the uncertainty factors considered in the model, the investment risk of overseas oil investment may be underestimated if no consideration is given of the impacts of exchange rate and investment environment. Finally, as there is an important tradeoff between oil resource investee country and overseas oil investor, in medium and small sized oil investment negotiation the oil company should try to increase the cost oil limit in production sharing contract and avoid the term of a windfall profits tax to reduce the investment risk of overseas oil fields.
- Topic:
- Development, Economics, Energy Policy, International Trade and Finance, and Oil
- Political Geography:
- China, Indonesia, and Israel
59. Russia, China and the Geopolitics of Energy in Central Asia
- Author:
- Alexandros Petersen and Katinka Barysch
- Publication Date:
- 11-2011
- Content Type:
- Working Paper
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- Energy has come to symbolise the geopolitics of the 21st century, reflecting countries' diminishing reliance on military and political power. Today, energy is an instrument of geopolitical competition, like nuclear weapons or large armies were during the Cold War. The means of international influence have become more diverse and sophisticated, but the goals remain much the same: national security, power projection, and control over resources and territory.
- Topic:
- Economics, Energy Policy, International Trade and Finance, Bilateral Relations, and Natural Resources
- Political Geography:
- Russia, China, and Central Asia
60. Global Energy Markets in a Time of Political Change
- Author:
- Bill White
- Publication Date:
- 10-2011
- Content Type:
- Working Paper
- Institution:
- Aspen Institute
- Abstract:
- A shift in relative energy consumption among regions and the development of new, unconventional supplies will be the most significant changes over the next twenty years. The dominant fuels in the world energy market until 2030 will continue to be hydrocarbons — oil, coal, and natural gas. Major shifts will occur, however, among the three fuels, among regions and in their supply. Globally, oil will continue to be the most widely used fuel as it supplies more than 90 percent of the energy for transportation. Coal, now the dominant fuel used for electric power generation, will lose ground to natural gas, a less carbon-intensive hydrocarbon. Natural gas will become the second largest overall supplier and well positioned to replace coal as the leading supplier for electric power. Developing countries will lead the way in overall energy growth, with Chinese and Indian energy demand growing fastest. Energy demand in developed countries will remain flat. For the United States, growth in gas shale and oil shale are likely to be “game changers,” altering the supply picture dramatically.
- Topic:
- Climate Change, Energy Policy, Environment, Markets, Political Economy, and Natural Resources
- Political Geography:
- United States, China, and India