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Chinese energy firms should target overseas assets now

By Wan Zhihong (China Daily)
Updated: 2008-11-24 20:02

Special coverage: Financial Crisis  Related readings:  PetroChina may buy overseas

Chinese oil and gas firms looking to make overseas acquisitions should set their sights on smaller targets, said an analyst with a consulting company.

As global oil prices have suffered from sharp decreases, the timing is better for Chinese companies to buy overseas assets, said Bob Fryklund, an analyst with IHS.

PetroChina, China's largest oil and gas producer, said earlier it is eyeing overseas companies, badly hurt by the financial crisis, in a move to increase its capacity and meet rising domestic demand.