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Penn West Energy Trust and China Investment Corporation Announce Strategic Partnership

According to the Press Release, “Penn West Energy Trust (“Penn West”) is pleased to announce it has entered into an agreement (the “Agreement”) with a wholly-owned subsidiary of the China Investment Corporation (“CIC”) to form a joint venture (the “Joint Venture”) that will develop Penn West’s bitumen assets located in the Peace River area of northern Alberta (the “Assets”). CIC has also agreed to purchase trust units (“Units”) of Penn West on a private placement basis (the “Financing”). Strategic Rationale Penn West is committed to an exploration and production strategy which will fully assess and realize the potential of its extensive resource play portfolio.

The Joint Venture is an important element of our strategy as it provides for the development of the Assets from the current resource appraisal phase through to commercial scale development and production. The cash proceeds from the Joint Venture and the Financing provide Penn West with additional financial flexibility to strategically advance the development of its significant ownership of light-oil resources.

Penn West and CIC believe the Assets to be a ‘world-class resource’ and as such view the production and reserves potential of this project to be substantial. CIC’s financial commitment, combined with Penn West’s operational resources, will enable the Joint Venture to complete the resource appraisal of the area and accelerate development.”

Read more: Penn West Energy Trust Press Release

UNICEF and NBIM to Host Meetings on Children’s Human Rights

The United Nations Children’s Fund (UNICEF), a United Nations programme headquartered in New York City, has partnered with Norges Bank Investment Management (NBIM) to facilitate a series of meetings between companies to discuss issues surrounding children’s human rights.

According to the news release, “the network will facilitate dialogue between leading brands and retailers in the garment and footwear industry to strengthen children’s rights.”

NBIM is invested in many listed companies and have invited them to join a network to tackle these issues. Over the next two years, the organizations plan to hold three workshops as well as quarterly meetings surrounding these issues.

“Over time, we hope and expect that the network will contribute to improved market practices among companies and greater respect for children’s rights,” says Carine Smith Ihenacho, Global Head of Ownership Strategies, in a NBIM press release.

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SouthGobi’s CEO Arrested, CIC Struggles with Investment

The China Investment Corporation (CIC) has long struggled with its investments in coal assets, specifically in globally-listed coal miner SouthGobi Resources Ltd, which operates its flagship coal mine in Mongolia. In November 2009, CIC and SouthGobi Resources inked a convertible debenture deal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Qatar Central Bank Deals with MSCI

MSCI, a stock index company whose benchmarks influence investor behavior, has tremendous indirect power impacting the stock markets of smaller economies. In 1988, MSCI released its emerging markets index, a now-widely-used benchmark for many institutional investors wanting access to growth markets. China and South Korea make up the majority of the benchmark, but smaller economies such as Poland, Chile and even Qatar make up other pieces of it.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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