Here’s another clip for the China scrapbook: China-based energy firms led the world in oil and gas-related acquisitions in 2013, with a big piece of that representing a move into North American shale oil and natural gas.
Now overall deal activity declined 20% in 2013 after notching a 10-year high — with more than $250 billion in deals — the year before. Asset-based transactions dropped 15%. Corporate mergers declined 50%, with no single deal announced at more than $5 billion
In 2013, China’s largest refiner, Sinopec paid $1.02 billion for a 50% stake in Chesapeake Energy’s 850,000 acres in northern Oklahoma shale assets called the Mississippi Lime.