Table of Contents   
Acknowledgements .......................................................................................................................... 5   
1. Summary................................................................................................................................... 7   
2. Background............................................................................................................................... 9   
Origin of China’s NOCs............................................................................................................... 9   
Interests: Why are China’s NOCs going abroad?..................................................................... 10   
China’s oil and gas production demand and supply........................................................... 10   
Motivations and strategies for overseas investments ....................................................... 12   
NOCs overseas equity shares ............................................................................................. 17   
Service contracts in the Middle East .................................................................................. 20   
Long‐term loan‐for‐oil and loan‐for‐gas deals ................................................................... 22   
Other Chinese investors ..................................................................................................... 23   
3. Chinese NOCs: State‐invested, not state‐run.......................................................................... 25   
4. Investing in Transnational Pipelines........................................................................................ 29   
From the North........................................................................................................................ 29   
From the West......................................................................................................................... 31   
From the South........................................................................................................................ 34   
Dependence on the Malacca Strait ......................................................................................... 35   
5.  Conclusions............................................................................................................................. 37   
6.  Annexes .................................................................................................................................. 39   
1. Chinese foreign oil and gas acquisition deals since 2002.................................................... 39   
2. China’s loans for long‐term oil and gas supply signed since January 2009......................... 41   
3. Recent agreements requiring substantial future investment in   
the Middle East since 2008...................................................................................................... 42   
4. China’s long‐term LNG contracts......................................................................................... 43   
Abbreviations and Acronyms......................................................................................................... 45   
References ..................................................................................................................................... 47