Two of China's biggest oil groups have approached Repsol YPF, the Spanish oil company, over possible asset purchases and joint ventures worth billions of dollars, according to people familiar with the matter.
If successful, the Chinese proposals could lead to the largest outward investment deals undertaken by Chinese companies, which are eager to gain access to natural resources to fuel China's economic growth.
Repsol is discussing the possible sale of its 75 per cent stake in YPF, the Argentinean company that accounts for two thirds of the Spanish group's global oil production, to CNPC, parent of listed PetroChina, in a deal that could value YPF at $17bn.
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