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Sovereign Wealth Funds Briefing - Categorized | Investment, Market

Korea fund buys stake in Canadian oil sands firm

Posted on 25 November 2010

From Reuters: Osum Oil Sands Corp, a small privately owned oil sands development company, said on Wednesday it will sell C$100 million ($99 million) worth of its shares to Korea Investment Corp, marking the sovereign wealth fund’s second investment in Canada’s oil sands.
Osum, which is developing a thermal oil sands project near Cold Lake, Alberta, and owns properties it estimates contain 9 billion barrels of bitumen in the largely undeveloped Grosmont Carbonate play, said in a press release it sold the South Korean fund 7.7 million shares at C$13 each in a private placement……………………………………….Full Article: Source


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