Abstract
Based on the project level data from Dealogic, fDi Intelligence, and The American Enterprise Institute and The Heritage Foundation, this chapter conducts an investigation into China’s outward energy investment in the Belt and Road countries in terms of the scale, industrial structure, geographical distribution, main investors, mega-projects, and risk profile. China’s outward energy investment has steadily diversified from the fuel energy sector, particularly mergers and acquisitions in the oil industry, and into the electrical power generation sector. For Chinese capital, there is no obvious difference in the risk of energy investment between BRI countries and the rest of the world, and actually, the risk is lower than average in BRI countries. It is worth noting that the share of troubled Chinese energy transactions shows large fluctuations and has rebounded strongly since 2016. It is expected that China’s energy sector M&A in BRI countries will lose momentum, while greenfield investment in energy infrastructure has greater potential.
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