KNOC to Sell $1 Billion Debt as Asia Buys Resources

Korea National Oil Corp. , engaged in a $2.6 billion hostile takeover of Dana Petroleum Plc, plans to sell debt to fund acquisitions as Asia’s biggest economies compete to secure energy resources.

State-owned energy explorer known as KNOC plans to raise between $500 million and $1 billion selling bonds, said a company spokesman based in Gyeonggi, South Korea, who declined to be identified because the timing and size of the sale haven’t been decided. The plan was first reported by the Yonhap News Agency yesterday.