S.Korea's KNOC to sell Canada's Harvest Operations - report

Wed Sep 4, 2013 7:50pm EDT
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SEOUL, Sept 5 (Reuters) - 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 $1.7 billion in 2009. Harvest reported a net loss of 720 million Canadian dollars ($686.79 million) 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.