| From Reuters: Penn West Energy Trust plans to sell a 45 percent stake in a Canadian oil sands project to China Investment Corp for $801 million. The agreement is the latest Chinese foray into the northern Alberta oil sands, the largest oil reserve outside the Middle East, as the world's third largest economy seeks to lock up energy reserves to power its booming growth.
Penn West, Canada's No. 2 energy trust, will contribute oil sands properties near Peace River, Alberta, valued at C$1.8 billion, to a partnership being set up with China Investment. The Chinese company will provide C$312 million in upfront cash and then pay C$505 million in development costs for the project..............................................Full Article: Source
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