Nation eyes additional foreign oil, gas sources

China is expanding its scope in looking for energy resources in foreign assets, participating actively in the international oil and gas market to ensure the domestic supply is driven by economic growth.

China Petroleum and Chemical Corp, also known as Sinopec Group, the country's largest refiner, announced on Friday it has officially completed the acquisition of one-third of Apache Corp's Egypt oil and gas business.

On Aug 30, Sinopec and Apache had launched a global strategic partnership, with the Chinese company paying $3.1 billion in exchange for a one-third participation in Apache's Egypt oil and gas business as a first step.