By CHARMAINE NORONHA (AP) –
TORONTO — Canada's Penn West Energy Trust says it's getting a $985 million investment in its oil sands assets from a Chinese company.
Penn West said Thursday that China Investment Corp. will own 5 percent of its stock and will invest $805 million to form a new joint venture.
Penn West will contribute assets valued at about $1.7 billion to the venture in exchange for a 55 percent partnership interest.
Chinese companies have been buying up oil assets as the country uses more energy.
Shares of Penn West are up 88 cents, or 4.6 percent, to $19.93.