CIC Interested in Canadian Resources and Infrastructure
China’s sovereign wealth fund China Investment Corp. is interested in investing in Canada’s resource and infrastructure sectors, a company executive told the official China Securities Journal.
CIC’s Toronto Chief Representative Felix Chee told the paper that CIC was most keen in Canada’s resource industry as the country has abundant mineral and petroleum resources. The investment company is interested in infrastructure projects as those are related to resource extraction and will help CIC retain a stable return on investment.
“Investment needs to be carried out at the right time, at the right price for the right asset,” Chee said.
Other areas of interest include manufacturing, technology and real estate, Chee said, adding that CIC prefers to find its own investment opportunities and invest early and quickly. CIC has a stake in an oil sands project with Canada’s Penn West Petroleum Ltd. In 2009, CIC took a 17 percent stake in Teck Resourcesfor C$1.74 billion ($1.77 billion).
– Reuters