| Penn West Energy Trust has announced the closing of the previously announced joint venture partnership with an affiliate of China Investment Corporation. The Partnership has been formed to develop Penn West's bitumen assets located in the Peace River area of northern Alberta.
Penn West contributed the Assets valued at approximately $1.8 billion to the Partnership and has retained a 55% interest in the Partnership.
CIC has acquired a 45% interest in the Partnership by investing approximately $312 million in the Partnership (which has been paid to Penn West by the Partnership to satisfy outstanding indebtedness to Penn West) and committing to carry a portion of Penn West's share of the Partnership's future capital and operating expenses totalling approximately an additional $505 million..............................................Full Press Release: Source
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