EMERGING MARKETS GRAB A BIGGER SLICE OF THE ACTION

The Chinese companies were quiet in 2007, but activity picked up again in 2008. Sinopec, the second biggest listed oil company, agreed a C$2.1bn (US$1.7bn) bid for Tanganyika Oil, a Canadian company operating in Syria, and is said to be looking for more deals.

Sinochem, China's fourth largest oil group, paid Soco International $465m last February for a stake in an oilfield in Yemen, and is rumoured to be in talks to buy Soco's assets in Vietnam.

Taqa of Abu Dhabi, which has an ambitious strategy of expanding through acquisitions, has been one of the most active buyers of energy assets in recent years. It has been talking to London-listed North Sea gas producers about possible deals.

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