Yantai Xinchao set to acquire oilfields in Texas for $1.3b

Yantai Xinchao Industry Co Ltd, a privately held property company, said that it was close to buying oilfields in Texas, the United States, for 8.3 billion yuan ($1.3 billion) through a limited liability partnership.

The Shandong-based company's moves come amid expectations that China would loosen controls over crude imports and production by welcoming more private capital into the sector.

In a regulatory filing to the Shanghai Stock Exchange, Yantai Xinchao said the oilfields in Howard and Borden counties would be bought from Tall City Exploration and Plymouth Petroleum, two Nevada-based companies.