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Chinese Listed Company to Buy Texas Oil Fields in 8.3 Bln Yuan Deal

(CRI Online)    09:23, October 26, 2015

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.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)
(Editor:Sun Zhao,Bianji)

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