PetroChina may buy overseas

PetroChina, Asia's biggest oil and gas producer, yesterday said it may buy some overseas companies badly hurt by the financial crisis, in a move to increase its capacity and meet rising domestic demand.

The company is studying the feasibility of acquiring some overseas resources companies badly affected by the global crisis, Jiang Jiemin, the company's chairman, said yesterday at a shareholders meeting.

"The present low share prices of some global resources companies offer good opportunities for us," said Jiang. "But every decision should be made cautiously."