14.05.2010 - China to invest $803 mln in Penn West venture
From Bloomberg: China’s sovereign wealth fund agreed to invest C$817 million ($803 million) in a new oil-sands venture with Canada’s Penn West Energy Trust, gaining a stake in the world’s largest crude deposits outside Saudi Arabia. China Investment Corp. will pay C$312 million up front and C$505 million of Penn West’s future expenses for a 45 percent stake in the venture, the Calgary-based trust said today in a statement. Penn West said it will contribute C$1.8 billion in assets to the venture, which will develop 237,000 acres of oil- sands properties in the Peace River area of northern Alberta..............................................Full Article: Source
Print