It will come as no surprise that China Petrochemical Corp, also known as Sinopec, has agreed yet another deal with an overseas oil producer. Sinopec's recently announced 33 percent stake in the Egypt-based oil and gas business of US firm Apache Corp will cost $3.1 billion.

Only last year Sinopec also concluded a $1.5 billion deal with Canada's Talisman Energy Corp and, since late 2010, Sinopec has invested $19 billion in deals across Europe, the United States, South America and Australia.

These deals are essential "fuel" for China's continued economic development. China is the world's second-largest user of oil, behind the US, so securing imported energy supplies is key to meeting growing domestic demand.

However, it is a surprise to see little or no discussion and analysis of Sinopec's overseas expansion strategy. The key reason behind which such success continues internationally and from which many of China's increasing number of international companies can learn are important lessons.

Back in 2005, China National Offshore Oil Corp launched a takeover bid for the US oil giant Unocal Corporation. Considered by many at the time to be an audacious, even reckless, strategic maneuver, it came as no surprise that the acquisition failed. Political objections led to the withdrawal of the $18.5 billion bid. Unocal's purchase was considered by many on Capitol Hill to represent a threatening takeover of strategic assets important to the US national interest.

Since then Sinopec has used this "failure" to learn important business strategy lessons. Takeovers of Western energy providers no longer feature in Sinopec's expansion strategy. Partnerships and alliances appear to have replaced this more risky and often threatening form of growth.

Sinopec's senior management team appear fully appreciative of the often political sensitivities that accompany energy industry acquisitions. Acquisitions, often perceived as hostile by the target takeover company and many other important stakeholders, require substantial sunk investment even before the most challenging cross-cultural working issues post-acquisition cultural integration begins.