Mark Mobius, managing director of Templeton Asset Management, considers the political opposition to foreign acquisitions by Chinese firms misplaced, saying in a Reuters interview, I hope they are able to do as much as they can to buy these resources and assets outside of China because it will be good for everybody concerned. Oversees acquisitions by China-based companies are at an all time high, according to Dealogic, with 43 acquisitions valued at $8.6 billion this year alone, a 302% increase over last year. Reuters reports that Chinas demand for resources is driving the trend, with more than 80% of the acquisitions in the oil and gas sector. Recent deals include this weeks acquisition by Sinopec Group of Udmurtneft, a unit of BPs Russian vehicle, TNK-BP, Chinas first entry into Russian oil. Citing sources, Reuters reports that other deals are in the works, with China International Trust and Investment Corp. in talks with Kazakhstan oil producer Nations Energy to acquire it for US$2.2 billion. The Chinese want to consolidate it is a natural thing for them to want to be dominant in whatever industry they get into and in order to do that they have to acquire downstream and get assets in the market, Mobius told Reuters. According to Dealogic, Goldman Sachs is the lead advisor for Chinese firms making acquisitions overseas at US$2.7 billion, with Merrill Lynch trailing behind at US$1.1 billion.