Thursday, May 13, 2010

Chinese company invests $985M in Canada oil sands


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.

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