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PetroChina may buy overseas

By Si Tingting and Wan Zhihong (China Daily)
Updated: 2008-10-22 10:01

PetroChina, Asia's biggest oil and gas producer, yesterday said it may buy some overseas companies badly hurt by the financial crisis, in a move to increase its capacity and meet rising domestic demand.

PetroChina employees at an exibition in this file photo taken in Shanghai. [Asianewsphoto]

The company is studying the feasibility of acquiring some overseas resources companies badly affected by the global crisis, Jiang Jiemin, the company's chairman, said yesterday at a shareholders meeting.

"The present low share prices of some global resources companies offer good opportunities for us," said Jiang. "But every decision should be made cautiously."

The impact of the world financial turmoil on PetroChina was limited and under control, he said.

The company currently has no financial problems, but will readjust its investment schedule by giving priority to some key projects, he added.

Analysts said the current drop in oil prices and the ongoing banking crisis offer good opportunities for Chinese energy companies to access deals they may not have otherwise been able to tap.

"Now the timing is good, as the Western thirst for cash amid the global financial crisis is opening a door," said Han Xiaoping, senior vice-president of Beijing Falcon Pioneer Technology Co Ltd.

In order to meet rising domestic demand, China's oil companies have increased their overseas expansion. China National Petroleum Corporation, the parent company of PetroChina, said on Monday it had signed an agreement with Uzbekistan's state oil company to jointly develop an oilfield in the Central Asian country.

China Offshore Oil Services Ltd, the nation's largest offshore oil services provider, last month successfully completed its 17.1 billion yuan takeover of Norwegian publicly listed company Awilco Offshore, which expanded its operations in Europe and Asia and gave it access to international management expertise and technology.

As the world's second largest energy consumer, China's rising demand has resulted in a rapid increase in oil imports. Statistics showed that China's oil consumption experienced around 6 percent annual growth in recent years.

Although falling oil prices and weakened global energy demand offer Chinese energy companies some opportunities for overseas expansion, some analysts said they should be very careful in making acquisitions, as "there still exists much uncertainty in the market".

"In my opinion, the recent sharp decrease in oil prices is not a real refection of the market," said Liu Gu, an analyst at Guotai Jun'an Securities in Shenzhen.

Some analysts also suggested that Chinese oil and gas firms looking to make overseas acquisitions should set their sights on smaller targets.