[snakeoil]

http://www.cnbc.com/2015/10/25/chinese- ... r-13b.html" onclick="window.open(this.href);return false;

A pump jack in Midland Texas.
Justin Solomon | CNBC
A pump jack in Midland Texas.

A Chinese investment holding company said it has signed a letter of intent to purchase oil fields in Texas for 8.3 billion yuan ($1.3 billion) through a limited liability partnership.

In a disclosure to the Shanghai Stock Exchange, Yantai Xinchao Industry Co. Ltd. said the oil fields in Howard and Borden counties would be bought from Tall City Exploration and Plymouth Petroleum, two Nevada-based companies.

In the Saturday filing, Yantai Xinchao said it signed a letter of intent Friday 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.

It said the transaction has been approved by the Committee on Foreign Investment in the United States.

[elklindo69]

It's a money losing proposition.

WTI is hovering around 40 bucks a barrel. So they unlikely will be profiting at that price point. And the Iranians are shortly going to flood the market crude as well. So WTI will be not going higher any time soon.....

[sillydaddy]

Has nothing to do with the price of oil.....the profit is in owning an American resource.....

The Obama administration should not allow things like these to happen....and

should actually be working to get back control of industries lost to foreigners.

[snakeoil]

China is going around the world buying oil for their own use. I can just see gasoline prices going up because the oil companys crude supplies are dwindling.

[sillydaddy]

And Obama, the climate change king, has nothing to say about it....

[RealJustme]

China is on the way to becoming the dominant land owner in the United States. A few months ago China bought 1,200 acres of industrial land just a few miles from my home (the buyer paid cash), no one has a clue of he has in mind for it. The last time he bought 480 acres in our area he developed a high end housing area.

From sunny suburban developments in Irvine, California, to shiny new condominium towers overlooking Manhattan's skyline, Chinese buyers are sinking massive amount of cash into U.S. residential real estate. Chinese are now the top foreign buyers of domestic properties, according to the National Association of Realtors, and nearly half of them are paying cash, according to RealtyTrac, a real estate sales and analytics company.

Americans can't buy land in China or any many other countries that require citizenship prior to owning land, why? To protect their citizens from inflated prices, they also imprison those who enter their countries, why? To protect their people and their jobs. We could learn from China, Mexico and most other countries who put their people over non citizens.