Korea National Oil: Part Of Group Acquiring El Paso Oil Assets
March 20 2012 - 9:51PM
Dow Jones News
State-run Korea National Oil Corp. said Wednesday that it is
part of the group that is paying $7.15 billion to acquire El Paso
Corp.'s (EP) exploration-and-production business.
The involvement of KNOC wasn't revealed when the acquisition by
a group of investors led by Apollo Global Management LLC. was
announced last month.
The statement by KNOC didn't specify the size of the stake that
KNOC will own or how much it's investing in the deal, which is
expected to close at the end of June.
The exploration-and-production business affiliate, known as EP
Energy, are spread throughout the U.S. and include fields in Egypt
and the deep waters off Brazil. By acquiring a stake in EP Energy,
KNOC will enhance its attempts to help South Korea meet its own
energy demands.
El Paso planned last year to spin off EP Energy as a separate
public company. But in November, before it separated the unit from
its pipeline business, Houston-based El Paso agreed to be acquired
by Kinder Morgan Inc. for $21.1 billion. Kinder Morgan said at the
onset that it would sell the exploration and production business,
aiming to close the deal around the time its merger is
completed.
- By Min-Jeong Lee, Dow Jones Newswires; 822-3700-1908;
min-jeong.lee@dowjones.com
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