Reuters reported that China's top offshore producer CNOOC Ltd has sped up asset acquisitions in tie ups with international firms, while rising global protectionism has made big company takeovers difficult.
Mr Fu Chengyu Chairman of CNOOC said "Perhaps we've slowed down on buying over companies, but we have accelerated partnerships with firms. He said that trade protectionism was set to rise as the world slowly emerges from crisis, highlighting a factor behind CNOOC shift in its overseas strategy a year ago to refrain from big-scale company acquisitions during a crisis.”
Mr Fu Chengyu said "During the time-consuming recovery of the world economy, trade protectionism will only strengthen not weaken."
CNOOC last major acquisition was the USD 2.7 billion investment in 2006 for a stake in a deepsea Nigerian oilfield.
(Sourced from Reuters)
