China buying oil lands

[HDRider]

On Sunday, China's Shandong Xinchao announced its decision to shell out $420 million to purchase oil-producing acreage from Grenadier Energy in the Texas Permian Basin.

Reading the sales announcement you'd never know it was to China.

Surge Energy America Announces Significant Midland Basin Acquisition

/PRNewswire/ -- Surge Energy US Holdings Company ("Surge Energy" or the "Company") announced in the US that it, through its subsidiary, has signed a purchase...

www.prnewswire.com

The only clue is the CEO's name.
"This acquisition is consistent with our strategy of building a long-term, sustainable oil and gas company," stated Chief Executive Officer Linhua Guan. "The combination of both production and high-quality inventory support both near-term cash flow and strong economic returns for years to come."

I saw the news here

Chinese Firm Shandong Xinchao Expands Its Foothold in Texas' Oil-Rich Permian Basin

pjmedia.com

 

[TennesseeTuxedo]

Not a problem HDR, I'm quite sure American companies are allowed to buy land in China too, right?...right?

 

[jltrent]

With the push for green energy is this a good investment in the long run? The problem I see is them sucking it out and sending back to China and that is what will happen. Apparently they want be fracking and new pipelines will be hard to get approved.

 

[HDRider]

Not a problem HDR, I'm quite sure American companies are allowed to buy land in China too, right?...right?

Chinese property law if you are a foreigner or expat living in China, you can only buy property for dwelling purposes. You can't buy a house or a condo to rent out the place. Owning property in China to manage as a landlord in the mainland is out of the question.

Every company that sets up shop in China is a joint venture with the state and the state owns 51%

 

[HDRider]

With the push for green energy is this a good investment in the long run? The problem I see is them sucking it out and sending back to China and that is what will happen. Apparently they want be fracking and new pipelines will be hard to get approved.

The Chinese are notorious for being bad business people. That is how they came to dominate the planet.

 

[Lucky]

I wonder how we can get around foreigners buying American land or companies. I definitely think this should be a law, just don't know how it would be inforced.

 

[Col Reb]

I wonder how we can get around foreigners buying American land or companies. I definitely think this should be a law, just don't know how it would be inforced.

That's not going to happen. That's why we're in the shape we're in now. Someone could resurrect hitler & sell him all the land he could buy for the right price. It's sad to be honest. Put a politician in the mix for their share & the laws will change so there is a tax break for someone from a foreign county can buy more. Possibly force sale.