Meckling Jonas, Kong BO and Madan Tanvi

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This paper examines the domestic sources of the internationalization of national oil companies – NOCs – in China and India ;  in China, the state has predominantly assumed the role of resource supplier, rarely stepping in as a veto player ; in India, the NOC-government relationship has been more adversarial, with the state intervening more often as a veto player than its Chinese counterpart and only slowly emerging as a resource supplier ; these patterns of internationalization can be explained by how two major trends have been playing out in the two countries: the marketization of NOCs, and the reform of the governance of overseas investments.