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.
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