China Investment Corp to Invest in Bitumen Business in Canada     

China Investment Corporation (CIC) has signed an agreement with Penn West Energy Trust to form a partnership to develop Penn West's bitumen assets through its wholly-owned subsidiary.
   The bitumen business is located in the Peace River area of northern Alberta, Canada. CIC will invest approximately CAD $817 million to acquire a 45% interest in the partnership. CIC has also agreed to purchase, through a wholly-owned subsidiary of CIC, 23 524 209 trust units of Penn West for an aggregate purchase price of approximately CAD $435 million on a private placement basis, representing approximately 5% of Penn West's issued and outstanding trust units.
   CIC is a wholly state-owned investment institution established in Beijing 2007.