Deals
KNOC Plans Acquisitions as Valuations Fall in Industry Slump
This article is for subscribers only.
Korea National Oil Corp., South Korea’s most acquisitive company this year, plans to resume buying overseas assets after a six-month hiatus as a slump in the oil and gas industry makes valuations attractive.
The state-owned energy developer needs to buy more assets to meet the government’s goal of achieving the capability of producing 300,000 barrels of oil a day by 2012, Senior Executive Vice President Kim Seong Hoon said in an interview. The company known as KNOC is 62,000 barrels short of that target.