China National Offshore Oil Corporation (CNOOC) would not make merger and acquisition during the global financial crisis, the company chairman and chief executive Fu Chengyu said Sunday.

The company, instead, chose to seek foreign partners to set up joint ventures, Fu said during the annual conference of Boao Forum for Asia in Boao, Hainan Province.

"This is our future strategy. At least, we will not buy other companies during the financial crisis," he said.

The raw material price declines and economic downturn offered a good chance for the company to make investment and get ready for the next economic boom, he said.

The CNOOC Ltd., the listed arm of the CNOOC, reported a net profit of 44.4 billion yuan (US$6.5 billion) in 2008, up 42 percent from a year earlier.

(Xinhua News Agency April 20, 2009)