Energy firms increase the pace of overseas M&A

The country's biggest oil companies are set to redouble their efforts to expand on the international stage

BEIJING - China's rising demand for energy to support its strong economic growth, coupled with the desire of domestic companies to grow into recognized multinational enterprises, is expected to trigger a new wave of overseas expansion, led primarily by the nation's large oil companies.

In November, China Petrochemical Corp, also known as Sinopec Group, the country's biggest refiner, said that it would pay $3.5 billion for a 30 percent stake in the Brazilian unit of the Portuguese oil company Galp Energia SA, the company's latest move to buy into oil and gas reserves in the South American country.