SEOUL, March 20 (Reuters) - South Korean state oil company Korea National Oil Corp has joined a private equity-led consortium that has agreed to buy El Paso Corp’s oil and natural gas assets, a company source said on Tuesday.
“The agreement was signed but details will be finalised by June,” said the source who had direct knowledge of the matter, but declined to be identified as he was not authorised to talk to media. He was unable to give the size of KNOC’s stake.
On Monday, a different source said that KNOC is negotiating to participate alongside Apollo Global Management LLC, Riverstone Holdings LLC and billionaire Len Blavatnik’s Access Industries as a minority investor in the exploration and production assets.
Spokespeople for KNOC, El Paso, Apollo, Riverstone and Access Industries declined to comment.
The value for the assets was given at $7.15 billion.