Australian, Canadian Deals Extend CNPC's Reach

(Beijing) -- China National Petroleum Corp. (CNPC) announced two major overseas acquisitions in mid-December as the oil giant continued its accelerated pace of global expansion.

State-run CNPC said December 12 it would buy a 10.2 percent stake in the Browse liquefied natural gas (LNG) project in Australia for US$ 1.63 billion from the mining company BHP Billiton.