An oil and gas field in Texas, the United States. [File Photo: quanjing.com]
A Chinese listed investment company is expected to buy oil fields in the United States.
Shandong-based Xinchao Shiye has signed a letter of intent to purchase oil fields in Texas for 8.3 billion yuan, or 1.3 billion U.S. dollars.
The oil fields are in counties of Howard and Borden, Texas.
Mmeanwhile, Xinchao Shiye has inked a deal with Ningbo Dingliang Huitong Equity Investment Center, a limited liability partnership.
The Center is going to purchase the oil fields from Tall City Exploration and Plymouth Petroleum, two limited liability companies registered in Nevada, through Moss Creek Resources, LLC, the Center's subsidiary.
Such a transaction has already received approval from the US Committee on Foreign Investment.
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