Аннотация:This article examines the international expansion of the China National Petroleum Corporation (CNPC) as a key example for understanding the interrelation between state power and corporate governance in the global energy sector. CNPC is both the largest state-owned enterprise in China’s oil and gas industry and a political instrument of the Chinese Communist Party (CCP), which influences management incentives, strategic decisions, and overseas projects. The study employs an institutional analysis supported by comparative examples from Africa and Latin America. It explores CNPC’s governance structure, state-backed financial and diplomatic support mechanisms, and the implementation of specific international projects. The authors pay special attention to the discrepancies between economic objectives and political directives. The experiences of Venezuela, Sudan, Chad, and Ecuador demonstrate that CNPC tends to thrive in environments marked by weak institutional frameworks and limited transparency, where intergovernmental agreements and long-term political commitments provide leverage. At the same time, its activities produce mixed outcomes for host countries, including investments in infrastructure development alongside increased debt, environmental risks, and governance challenges. The article concludes that CNPC represents a case of “state-led globalization”, in which state enterprises operate simultaneously as market actors and instruments of national strategy, highlighting the broader implications of China’s rise across the Global South.
