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Gold/Mining/Energy : APXR - Apex Resources Group, Inc.

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From: jmhollen	11/13/2005 10:16:33 PM
	of 112

China's Buying Spree China's three biggest state-owned companies are seeking to buy oil reserves and assets around the world. China National Petroleum Corp., the nation's biggest oil producer, last month completed a $4.18 billion takeover of Calgary-based PetroKazakhstan Inc., in China's biggest purchase of energy assets. The acquisition was a victory for China, whose quest for reserves to supply the world's fastest-growing economy had a setback in August, when Cnooc Ltd. scrapped an $18.5 billion bid for Unocal Corp. because of opposition by U.S. lawmakers. China National Petroleum, parent of overseas-listed PetroChina Co., China Petrochemical Corp. and Cnooc, are continuing to buy oil assets even as oil prices remain high, Kong told Bloomberg News, declining to elaborate. ``We have the chance to buy overseas oil assets only when oil prices are high'' because that is when ``foreign companies like Unocal prefer to sell assets,'' Kong said. ``These companies consider it more profitable to sell assets instead of extracting the oil themselves. We have to seize right opportunity when it arises.'' Message 21881343 .

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