S.Korea's KNOC says considering selling 'non-core parts' of Harvest

Tue Sep 24, 2013 2:04am EDT
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SEOUL, Sept 24 (Reuters) - State-run Korea National Oil Corporation (KNOC) is considering selling only "non-core parts" of Harvest Operations Corp, its wholly-owned Canada-based subsidiary, and has received interest in them from a few buyers, a senior executive said on Tuesday.

"We are considering selling only non-core assets of Harvest," KNOC Senior Executive Vice President Joong-hyun Kim told reporters.

South Korean media, citing KNOC chief executive Suh Moon-kyu as telling reporters, had said earlier in September that KNOC plans to sell Harvest Operations.

"Not only Harvest, we are currently re-evaluating all of our overseas assets including Dana and could sell non-core parts of those, not to scale down our size but to reinforce our business, although nothing has been decided," he said, referring to UK-based Dana Petroleum that it acquired in 2010.

KNOC bought the Canadian oil and gas trust Harvest for $1.7 billion in 2009.