(MENAFN) A Chinese public firm, Xinchao Shiye intends to purchase oil fields in the United States in a deal worth USD1.3 billion, based on recent reports.
The oil fields are in Howard and Borden counties, Texas, and they're owned by Tall City Exploration and Plymouth Petroleum, two limited liability firms.
Additionally, the transaction has already received the approval of the Committee on Foreign Investment in the United States, as the available data shows.
Moreover, Xinchao Shiye pronounced at the beginning of this year that it would buy oil fields in Crosby County of Texas in a transaction worth USD2.2 billion.
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