New Tactics Yield Results For Chinese Oil Majors

In a move that continues a flurry of deal-making by Chinese state companies, China National Offshore Oil Corporation (CNC) and China Petroleum & Chemical Corporation (Sinopec) have bought a 20% stake in Angola's offshore Block 32 from US independent Marathon Oil for US$1.3bn. Chinese state firms have been taking advantage of their strong cash position and subdued international asset prices by actively acquiring overseas upstream oil and gas assets and companies, and the deal underlines CFW's view that the high profile collapse of the Rio Tinto/Chinalco tie up might bring about a change of tactics by Chinese companies (see 'Rio

To read the full article, please choose one of the following options: