A Chinese investment company intends to purchase $1.3 billion in oil properties in Western Texas, reports member station KUT.The holding company signed a letter of intent last week to purchase the land through a limited liability partnership.
The Shanghai-listed Yantai Xinchao Industry Co intends to purchase large swaths of Howard and Borden counties, as part of the proposed acquisition of Ningbo Dingliang Huitong Equity Investment Center, according to the Associated Press.
The transaction, worth 8.3 billion yuan, has been approved by the Treasury Department. The oil properties are being purchased from Tall City Exploration LLC and Plymouth Petroleum LLC, according to the Wall Street Journal.