Yantai to buy oilfields

BEIJING: China’s Yantai Xinchao Industry Co Ltd has agreed to spend about 8.3 billion yuan ($1.31 billion) to buy oilfields in the US state of Texas, the company said in a corporate filing late on Saturday. The oilfields, in Howard and Borden counties, will be bought from Tall City Exploration LLC and Plymouth Petroleum LLC, Xinchao said in the filing to the Shanghai Stock Exchange. The transaction has already been approved by the US Treasury’s Committee on Foreign Investment, it added.