BEIJING -- China National Offshore Oil Co. has acquired an additional 5% stake in offshore oil fields in Brazil from state-owned Petrobras for approximately $1.9 billion, the Chinese state-owned oil company announced Thursday.
As tensions with the U.S. remain high, China is seeking to bolster energy security by diversifying procurement, with major state-owned oil companies expanding domestic production and acquiring interests in oil fields elsewhere. China imports more than 70% of crude oil from overseas.
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