Penn West Energy Trust has struck a JV with China's sovereign wealth fund to develop the company's oil sands assets in the Peace River area of Northern Alberta. Penn West will contribute $1.8 billion of assets to the venture, while China Investment Corp. will invest $817 million to acquire a 45% stake in the partnership. CIC will also provide Penn West with $435 million in financing by buying ~23.5 million units of the income......
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