Chinese Firm Plans $1.3 Billion Purchase Of Texas Oil Lands
A Chinese investment holding company intends to put down stakes in the United States after signing a letter of intent to purchase oil properties in western Texas for $1.3 billion through a limited liability partnership.
The Shanghai-listed Yantai Xinchao Industry Co., said in a securities filing over the weekend, it was a purchasing oil lands in the Texas counties of Howard and Borden as part of the proposed acquisition of Ningbo Dingliang Huitong Equity Investment Center, according to the Associated Press.
The news service also reports Yantai Xinchao said in its letter of intent, the transaction, worth 8.3 billion yuan, has been "approved by the Committee on Foreign Investment in the United States" which is part of the Treasury Department.
The oil properties are being purchased from Tall City Exploration LLC and Plymouth Petroleum LLC, according to the Wall Street Journal.
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