Chinese firm to buy US oilfields for $1.3 billion


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Getty Images

China’s Yantai Xinchao Industry Co Ltd has agreed to spend about 8.3 billion yuan ($1.31 billion) to buy oilfields in the U.S. state of Texas, the company said in a corporate filing late on Saturday.

The oilfields, in Howard and Borden counties, will be bought from Tall City Exploration LLC and Plymouth Petroleum LLC, Xinchao said in the filing to the Shanghai Stock Exchange.

The transaction has already been approved by the U.S. Treasury’s Committee on Foreign Investment, it added.

1 Comment on "Chinese firm to buy US oilfields for $1.3 billion"

  1. Anthony Bellard Sr. | November 13, 2015 at 5:25 pm | Reply

    Sad,,truly sad

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