Chinese company signs LOI to purchase Permian oil fields for $1.3B

Yantai Xinchao Industry Co. Ltd., a Chinese investment holding company, has signed a letter of intent (LOI) to purchase oil fields in Texas for 8.3 billion yuan ($1.3 billion) through a limited liability partnership, according to various media outlets.

The Permian Basin oil fields are located in Howard and Borden counties, Texas, and are currently owned by Tall City Exploration and Plymouth Petroleum, two Nevada-based companies.

Yantai Xinchao reportedly signed an LOI on Oct. 23 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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