China’s Yantai Xinchao Industry Co. Ltd. has agreed to spend about 8.3 billion yuan ($1.31 billion) to buy oil fields in Texas, the company said in a corporate filing late Oct. 24.
The oil fields, located in Howard and Borden counties, will be bought from Tall City Exploration LLC and Plymouth Petroleum LLC, Yantai Xinchao Industry 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.
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