| Summary: | The decline of the Maoist energy institutional model and the compelling impulse to create globally competitive enterprises, especially in strategic sector (such as oil and natural gas), led to the internationalization of the three major Chinese oil corporations. One of the most striking examples of this process has taken place in the Persian Gulf, whose prolific reserves represent the main source of imported oil to China. The reason behind this success has been the economic complementarity between the energy industries of China and the Saudi, Iranian and Iraqi oil sectors. Beijing’s diplomacy has underpinned corporate activities of Chinese National Petroleum Corporation and China Petroleum and Chemical Corporation in Saudi Arabia. Nonetheless, it has not been enough to propel better relations between China National Petroleum Corporation and the Iranian national oil company and government.
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