STATE OWNED MULTINATIONAL ENTERPRISES: THEIR ROLE AS GLOBAL FIRMS

Abstract

State-Owned Multinational Enterprises (SOMNEs) occupy a unique space in the global economy, intertwining the public mandate of state ownership with the competitive demands of international markets. This paper explores the dualistic identity of SOMNEs by examining two oil and gas giants, India’s Oil and Natural Gas Corporation (ONGC) and China’s China National Petroleum Corporation (CNPC) through the FESPET framework. The study evaluates how these enterprises reconcile socio-political goals with commercial practices across six dimensions: Finance, Environmental, Social, Political Economy, and Technology. The findings underscore how SOMNEs are shaped by the institutional environments and policy objectives of their home countries.