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Security and Profit in China's Energy Policy

Hedging Against Risk

Oystein Tunsjo



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Columbia University Press
19 November 2013
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.
Imprint:   Columbia University Press
Country of Publication:   United States
Dimensions:   Height: 229mm,  Width: 152mm,  Spine: 30mm
Weight:   595g
ISBN:   9780231165082
ISBN 10:   0231165080
Series:   Contemporary Asia in the World
Pages:   336
Publication Date:  
Audience:   Professional and scholarly ,  Undergraduate
Format:   Hardback
Publisher's Status:   Active

Dr. Oystein Tunsjo is an Associate Professor at the Norwegian Institute for Defence Studies. He is co-editor with Robert Ross and Zhang Tuosheng of US-China-EU Relations: Managing a New World Order (London: Routledge, 2010) and author of US Taiwan Policy: Constructing the Triangle (London: Routledge, 2008), both in Routledge's Asian Security Studies Series. Tunsjo is co-editor with Robert S. Ross and Peter Dutton of Twenty First Century Seapower: Cooperation and Conflict at Sea (forthcoming, Routledge) and author of Security and Profit in China's Energy Policy (CUP, 2013).

Reviews for Security and Profit in China's Energy Policy: Hedging Against Risk

Oystein Tunsjo has scored an important coup with his book, Security and Profit in China's Energy Policy. His work clearly demonstrates the interaction of strategic and market elements in Beijing's thirsty search for energy reserves. He presents a very realistic analysis of China's strategic maritime and economic situation. This book is strongly recommended as a valuable resource for academics and for security policy makers -- Prof. Bernard D. Cole, National War College

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