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China-based investment firm Yantai Xinchao Industry Co. purchased a group of oil fields in Texas last week for $1.3 billion.

According to the AP, the firm purchased assets in Howard and Borden counties from Texas-based companies Tall City Exploration and Plymouth Petroleum, a subsidiary of ArcLight Capital Partners.

Yantai Xinchao signed a letter of intent last Friday with Ningbo Dingliang Huitong Equity Investment Center and its seven shareholders to acquire the fields through Moss Creek Resources LLC, a subsidiary of Ningbo Dingliang.

The transaction has won approval from the U.S. Committee on Foreign Investment, the AP said.

Further information about the purchase has not been disclosed.

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