Off the wire
• Feature: "Golden time" approaching for Chinese students in Britain to start business  • Interview: China's social progress sets example to Latin American countries -- Mexican expert  • Roundup: S. Korea fires warning shots at DPRK patrol boat amid ongoing family reunion  • Bulgarians cast ballots for local authorities, referendum on e-voting  • News Analysis: China-Britain energy cooperation boosts low-carbon development  • Death toll of U.S. airstrike on MSF hospital in Afghanistan rises to 30  • News Analysis: Benghazi hearings unlikely to hurt Clinton's White House run  • Cambodia convicts university graduate of posting bomb threat on Facebook  • 1st LD: S. Korea fires warning shots at DPRK patrol boat in West Sea  • Urgent: S. Korea fires warning shots at DPRK patrol boat in West Sea: Yonhap  
You are here: 　 Home

Chinese listed company to buy Texas oil fields in 8.3 bln yuan deal

Xinhua, October 25, 2015 Adjust font size:

Xinchao Shiye, a public company based in east China's Shandong Province plans to buy oil fields in the United States in a transaction worth 8.3 billion yuan (around 1.3 billion U.S. dollars).

The oil fields are in Howard and Borden counties, Texas, said a Xinchao Shiye disclosure to the Shanghai Stock Exchange on Saturday.

Xinchao Shiye inked a Letter of Intent with Ningbo Dingliang Huitong Equity Investment Center, a limited liability partnership, and all its individual partners.

According to the disclosure, the Center will 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 the approval of the Committee on Foreign Investment in the United States, the disclosure added.

Xinchao Shiye would later buy the Center through certain arrangements, said the disclosure.

Earlier this year, Xinchao Shiye announced it would buy oil fields in Crosby County of Texas in a transaction worth 2.21 billion yuan. Endi