(CNNMONEY) 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 Chinese firm, according to a stock exchange filing on Saturday.
The purchase, which includes oil fields in the state's Howard and Borden counties, has already been approved by the U.S. Committee on Foreign Investment, the filing said.
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