A Chinese investment holding company said it has signed a letter of intent to purchase oil fields in Texas for 8.3 billion yuan ($1.3 billion) through a limited liability partnership.
In a disclosure to the Shanghai Stock Exchange, Yantai Xinchao Industry Co. Ltd. said the oil fields in Howard and Borden counties would be bought from Tall City Exploration and Plymouth Petroleum, two Nevada-based companies.
In the Saturday filing, Yantai Xinchao said it signed a letter of intent Friday with Ningbo Dingliang Huitong Equity Investment Center, a limited liability partnership, and its seven shareholders to buy the oil fields through a Ningbo Dingliang subsidiary, Moss Creek Resources LLC.
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It said the transaction has been approved by the Committee on Foreign Investment in the United States.