[oblio]

Look up Eni and Enrico Mattei: https://en.m.wikipedia.org/wiki/Enrico_Mattei

Mattei took over the relatively small national oil company in Italy, expanded it aggressively until it was able to compete with the Seven Sisters (Exxon, BP, etc, all not state owned). State owned companies can definitely compete.

Should I add that Mattei died under mysterious circumstances?

[xyzzyz]

You should also add that said company enjoyed a government enforced monopoly on oil and gas extraction, which is basically a license to print money.

[oblio]

Italy barely has any oil and gas resources at a global level. His international deals are what grew Eni.