PetroChina buys into Singapore Petroleum

In a sign that cash rich Chinese companies are prepared to invest more aggressively overseas, PetroChina (PTR) is buying 45 percent of Singapore Oil for $1 billion. If may even offer to buy the rest of the firm.

The Chinese economy is doing well enough, compared to the rest of the world, that it is in a good position to buy assets that have lost much of their value due to the recession.