PetroChina Seeks Global Integration 中石油试图融入全球市场

By newsdoug on May 19, 2011

There’s an interesting story in today’s China Daily that indicates China, as the world’s largest energy consumer, is finally getting serious about trying to integrate itself with global markets rather than sit by and watch while others make the big decisions. According to the article, PetroChina (NYSE: PTR; HKEx: 857; Shanghai: 601857) Chairman Jiang Jiemin says his company, China’s largest oil producer, will open operation centers in Singapore, London and New York, in order to expand its overseas trading “to gain greater influence on the global stage.” (English article) All I can say is, congratulations Beijing and PetroChina for finally deciding to take a more active role in global markets that have such a direct impact on the domestic economy. Up until now, it seems like China has always taken a very passive role in such matters as global oil, metals and agricultural markets, preferring to let others make the big decisions and PetroChina: set to engage then only complain afterwards if it doesn’t like those decisions. A more assertive PetroChina should be good not only for the company and China as a whole, but also for global markets as the world’s largest energy consumer helps to rationalize some of these markets that at times can behave very irrationally. Maybe now we’ll start to see China’s other major commodities players start to engage more with the global markets they rely on so heavily.

Bottom line: PetroChina’s move to set up 3 global operations centers signals a new Beijing-backed willingness to engage with global markets, which should benefit both the company and China.

今天的《中国日报》有篇报导很有意思，显示中石油<0857.HK>终於改变观望态度，积极融入全球市场。据报导，中石油董事长蒋杰敏称中石油将在新加坡、伦敦和纽约建立运营中心，扩大海外交易，提升在全球舞台的影响力。我想说，恭喜中国政府和中石油终於决定更积极地融入全球市场了！目前为止，中国在全球石油、金属和农产品市场等问题上采取非常被动的态度，宁愿看着它方作出重大决策，然後如果感到不满再抱怨。中石油如今采取更坚定自信的立场，对该公司以及中国都有利，并且对全球市场也有好处，因为中国是全球最大的能源消费国，其积极参与能够帮助一些市场更理性化。也许未来中国会有更多大宗商品企业加强与全球市场融合。

一句话：中石油决定在海外设立三个运营中心，标志着其在政府支持下，更积极主动地融入全球市场，这对中石油和中国都是好事。