State-owned Korea National Oil Corporation (KNOC) plans to sell Harvest Operations Corp, its wholly-owned Canada-based subsidiary, a South Korean newspaper cited its CEO as saying on Thursday.
KNOC chief executive Suh Moon-kyu told reporters the state-run oil company had decided to sell Harvest, with three or four parties having shown interest, Maeil Business Newspaper reported.
KNOC bought the Canadian oil and gas trust for US$1.7-billion in 2009. Harvest reported a net loss of $720-milliondollars in 2012.
A KNOC spokesman said it was considering measures including the sale of Harvest to improve KNOC?s financial conditions, although the details of any sale had not been decided.
? Thomson Reuters 2013
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