KNOC backs Apollo-led purchase of US oil assets
Korea National Oil Corp. (KNOC) will join a consortium led by Apollo Global Management that has agreed to buy US-based El Paso’s oil and gas exploration business for $7.15 billion. The assets are being sold by Kinder Morgan as part of its $21 billion acquisition of El Paso. It intends to retain the firm’s pipeline business.
Other participants in the consortium include Riverstone Holdings and Access Industries. KNOC expects the deal to close in the first half of 2012. The Korean state energy developer said in December that...
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