Energy
Chinese company invests $985m in Canada oil sands
(Agencies)
Updated: 2010-05-14 14:16
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TORONTO: Canada's Penn West Energy Trust says it's getting a $985 million investment in its oil sands assets from a Chinese company.
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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.
