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South Korean Fund, KKR Team Up to Buy Chevron Pipeline Stake

National Pension Service, South Korea’s biggest state fund, has bought Chevron Corp.’s stake in Colonial Pipeline Co. in partnership with Kohlberg Kravis Roberts & Co. to diversify its investment portfolio.

The South Korean fund has purchased a 23.44 percent stake in the operator of the largest pipeline linking U.S. Gulf Coast refiners and East Coast markets, National Pension said in an e-mailed statement today, without disclosing the transaction value.