NDRC approves oil giants' overseas M&As

The National Development and Reform Commission (NDRC), China's top economic planner, recently approved seven overseas merger & acquisition (M&A) projects by China's three oil giants, Yunnan Info Daily reported Tuesday.

Three of the seven projects came from China National Petroleum Corporation (CNPC) while Sinopec Group and China National Offshore Oil Corporation both had two, said the report.

According to CNPC Economics & Technology Research Institute, Chinas overseas oil and gas equity output hit a record high of 85 million tons in 2011, up by more than 10 percent compared to 2010.