What goes round, comes round. BP made $1bn investing in the privatisation of China’s oil and gas industry. Now China, cash-rich but resource-light, has spent £1bn accumulating a stake of about 1 per cent in the UK oil and gas major.

There is nothing shocking about the transaction. BP is accustomed to counting sovereign wealth holders, such as the Kuwait Investment Authority, among its shareholders. BP has a long history in China and boasts some of the industry’s deepest ties there, including partnerships with China’s oil and gas majors. In other emerging markets, BP’s equity ties have made it easier to resolve some of the inevitable sticking points.