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Energy giants step up acquisitions overseas

By Oswald Chen  (China Daily)

13:17, August 28, 2012

(Photo/China Daily)

Sinopec Corp, Asia's largest refiner, and rival PetroChina Co Ltd are poised to seek assets overseas to diversify as domestic earnings are depressed by State-controlled prices for processed fuels.

Meanwhile, offshore oil producer CNOOC Ltd is stepping up its latest acquisition bid overseas.

Financial analysts cautioned that the spending spree may not bring the intended results to the business groups as asset acquisition may meet fierce political resistance.

Refining losses resulted in Sinopec reporting a 40.5 percent decline in first-half net income to 24.5 billion yuan ($3.85 billion) on Sunday.

The nation's biggest oil and gas producer PetroChina last week said first-half profit declined 6 percent to 62 billion yuan.

The country's leading offshore oil producer CNOOC Ltd saw its net profit in the same period tumble 19 percent to 31.87 billion yuan.

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