China bulks up in oil sands
Forms JV with energy trust to develop Alberta lease, raising investment to C$8 billion; analyst says U.S. wrong to block Chinese
For Petroleum News
China’s methodical staking out of claims in the Alberta oil sands has taken another leap forward with China Investment Corp., or CIC, offering C$817 million for a 45 percent interest in bitumen assets held by Penn West Energy Trust and C$435 million for a 5 percent equity position in the trust.
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