The multinational oil giants started to implement the globalization strategy on the basis of their advantages in resources, capital, technology and management from the middle of the 1990s after a large-scale structural adjustment. They have seen a rapid business development in China in the past decade and involved extensively in the country's oil and gas exploration and development, LPG and LNG business, pipeline, petrochemicals, oil refining, distribution of oil products, electric power and new energy, posing a severe challenge to the Chinese domestic enterprises.
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