CHRONOLOGY-Chinese investment in Canada’s oil sands

(In U.S. dollars unless noted)

May 13 (BestGrowthStock) – Penn West Energy Trust
(PWT_u.TO: ) said on Thursday it plans to sell a 45 percent stake
in a Canadian oil sands project to China Investment Corp (Read more about U.S. companies investment into China) for
C$817 million ($801 million).

Penn West, Canada’s No. 2 energy trust, will contribute oil
sands properties near Peace River, Alberta, valued at C$1.8
billion, to a partnership being set up with China Investment.
The Chinese company will provide C$312 million in upfront cash
and then pay C$505 million in development costs for the

The agreement is the latest Chinese foray into the northern
Alberta oil sands, the largest oil reserve outside the Middle
East, as the world’s third largest economy seeks to lock up
energy reserves to power its booming growth.

Below is a list of China’s oil sands investments:

* April, 2010 – Sinopec Corp (600028.SS: ), China’s
second-largest oil producer and top refiner, agreed to buy
ConocoPhillips’ (COP.N: ) 9.03 percent stake in Syncrude Canada
Ltd, the largest oil sands project, for $4.65 billion.

Though not the first, the deal is the richest yet for
Chinese companies looking for a toehold in the oil sands.

* August 2009 – PetroChina (601857.SS: ) agrees to buy a 60
percent stake in two undeveloped oil sands properties held by
Athabasca Oil Sands Corp (ATH.TO: ) that could eventually produce
as much as 500,000 barrels per day.

The Canadian government offered no opposition to the
investment by state-controlled PetroChina and formally approved
the acquisition in December.

* April 2009 – Sinopec acquires an additional 10 percent
stake in Total SA’s (TOTF.PA: ) undeveloped Northern Lights oil
sands project for a price that has not yet been disclosed.

The purchase brings Sinopec’s stake in Northern Lights to
50 percent, after buying a 40 percent interest in the project
in May 2005, for C$105 million ($103 million).

Construction of Northern Lights, once expected to cost
C$10.7 billion, is on hold as the partners weigh new
development options.

* April 2005 – CNOOC Ltd (0883.HK: ) pays C$122 million for
16.7 percent in privately held MEG Energy Ltd, which is
developing an oil sands project in northern Alberta that could
eventually pump up to 210,000 bpd, while other properties in
MEG’s portfolio could eventually produce 500,000 bpd, according
to company documents.

* April 2005 – Enbridge Inc (ENB.TO: ) signs an agreement
with PetroChina to ship oil on the planned Northern Gateway
pipeline, which would take oil sands crude to a deepwater port
on Canada’s Pacific Coast.

Enbridge is still planning the line and is expected to file
for regulatory approvals soon. However PetroChina withdrew from
the project, citing frustration with the slow approvals

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($1=$1.02 Canadian)
(Reporting by Scott Haggett; editing by Peter Galloway)

CHRONOLOGY-Chinese investment in Canada’s oil sands