Another Chinese foray abroad

What does PetroChina''s acquisition in Indonesia signal?

The Asian oil story continues to fill the MA pipeline, and it is interesting to note that recent deals have seen Asian firms as buyers. PTTEP of Thailand struck first late last year with an investment in Indonesia's PT Medco. Then CNOOC bought Repsol's oilfields in Indonesia for $585 million.

Now PetroChina has bought six oil fields in Indonesia from a US firm for $216 million. The other foreign bidder was likewise an Asian company, Malaysia's Petronas.

PetroChina's CFO, Wang Guoliang has predicted this will be the first of many deals and few doubt that PetroChina has a large warchest. But will this be the first of many forays into...

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