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Chinese company to buy Texas oil fields in $1.3 billion deal

Boone Pickens: Goldman way off on $20 oil

A Chinese investment firm is shelling out $1.3 billion to buy giant oil fields in Texas, reflecting growing interest from China in U.S. energy resources.

Yantai Xinchao will acquire oil assets in the western Texas Permian Basin that are currently owned by Tall City Exploration and Plymouth Petroleum. The deal is part of a larger transaction between Yantai Xinchao and a second...


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