Energy

Chinese company invests $985m in Canada oil sands

(Agencies)
Updated: 2010-05-14 14:16

TORONTO: Canada's Penn West Energy Trust says it's getting a $985 million investment in its oil sands assets from a Chinese company.

Related readings:  Li Ka-shing eyeing Israeli oil-sands technology stake  Sinopec to pay $4.65b in oil sands deal

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.

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