China invests in tar sands

A subsidiary of the China Investment Corporation is pumping hundreds of millions of dollars into an Alberta company, allowing it to develop its tar sands holdings, the Calgary Herald reported. Canadian Penn West Energy Trust will retain a majority interest in the partnership at 55 per cent. China has made two other major ventures into the tar sands since last fall. Many suspect China is securing its energy future by increasingly investing in Alberta oil.

Published: Wednesday, 05/19/2010 12:00 am EDT

A subsidiary of the China Investment Corporation is pumping hundreds of millions of dollars into an Alberta company, allowing it to develop its tar sands holdings, the Calgary Herald reported. Canadian Penn West Energy Trust will retain a majority interest in the partnership at 55 per cent. China has made two other major ventures into the tar sands since last fall. Many suspect China is securing its energy future by increasingly investing in Alberta oil.

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