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Chinese company to purchase Texas oil fields for $1.3B

Posted online October 26, 2015 | 11:31 am

China's Yantai Xinchao Industry Co. Ltd. has penned a deal to spend $1.3 billion on Texas oil fields.

Tall City Exploration LLC and Plymouth Petroleum LLC are selling the fields in Howard and Borden counties.

The deal has been approved by the U.S. Treasury's Committee on Foreign Investment.

Read more from Reuters.

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