China's energy asset-rush stalls on crude slump, graft probes

Thu Aug 6, 2015 5:00pm EDT
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* Since 1993 China poured $140 bln into foreign energy projects

* Acquisitions were $4.4 bln last year, lowest since 2008

* Anti-graft campaign, crude slump hit appetite for deals

* Chinese state firms shift to cutting costs, selling assets


By Chen Aizhu

BEIJING, Aug 7 (Reuters) - As global oil giants struggle with plunging earnings, Chinese state oil firms are unlikely to be waiting in the wings to buy any unwanted assets.

After pouring tens of billions of dollars into foreign energy projects in the last two decades, China's rush to purchase overseas oil and gas projects is over - at least for now - and some state firms are even looking to sell assets.

China, the world's second-biggest oil consumer, invested more than $140 billion in the sector in the period from 1993, according to Thomson Reuters data.   Continued...