Abstract
The aim of this article is to examine the increasing relations between Brazil and China in the oil and gas sector. In a political and economic approach, the objective is to understand the development of relations between the two countries amid the rise of China as a major power and as the world's main energy consumption center, by identifying the growth of Chinese influence in the energy sector through trade, investment and finance.
Highlights
Energy is not just a regular commodity traded on world markets
We aim to review in what way China has developed into a sizable force in the Brazilian oil sector
We seek to highlight China’s increasing dependence on oil imports. This dependence forced the country to adopt a strategy of diversification of oil supply, seeking to guarantee its energy security
Summary
In the last two decades, China’s energy investments around the globe have increased exponentially. This move is part of a state-led economic globalization strategy of State-Owned Enterprises (SOE) and a part of China’s rise as a global political and economic power (AMINEH; GUANG, 2018) Their strategic focus on becoming world market leaders prompted Chinese National Oil Companies (NOCs) to ensure supply security from resource-rich countries, as well as to meet China’s high level of import-dependency. The country has invested in several energy projects overseas to meet the needs of domestic consumption and diversification of supply to ensure supply security It is in this context of Chinese dependence on oil overseas resources that Brazil is inserted on China’s strategy of energy supply security
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