Abstract: Oil has always been a key sector in the investment of China's enterprises in countries along the Belt and Road. China's petroleum industry is led by the major state-owned oil companies and their foreign investment is of complexity and uniqueness. Foreign investment of China's petroleum enterprises is driven by both enterprises' inner demands and the national political need as national and enterprises' interests overlap. The primary factor influencing corporates' choice of investment lies in the abundance and quality of oil reserves in the targeted countries. And they also take local political and social environment into consideration. The advantages of the oil enterprises in ownership,location and the internalization depend on government's guidance, service and support. Therefore, the petroleum enterprises should make full use of those advantages to expand oil investment cooperation with the countries along the route and achieve the integration of national and corporate interests.

Key words: foreign investment, petroleum enterprises, state-owned enterprises, location selection, the Belt and Road