State oil companies, which are often referred to as national oil companies (NOCs), have control over 90% of the world’s oil and gas reserves, and account for 75% of the output, as well as for the most of the related infrastructure. Of 25 world’s largest oil and gas corporations 18 are national oil companies. Until very recently most experts have to a great extent ignored the importance of NOCs for the world and national economy. The article presents a new insight into the role of national oil companies in value creation and enhancement of social and economic efficiency. NOCs are tightly bound to the national interests of oil-producing countries and serve first and foremost for the achievement of economic and political goals rather than maximization of corporate profit. It is exactly the key characteristics of such companies operating in a variety of social, political and economic conditions, and this is what determines their long-term strategy.