November 14, 2014 / 8:59 AM / 4 years ago

UPDATE 1-KNOC says sells Harvest's refining unit to SilverRange for C$97 mln

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SEOUL, Nov 14 (Reuters) - Korea National Oil Corp (KNOC), which owns Canada’s Harvest Operations Corp, said on Friday it had finalised a sale deal for Harvest’s refining subsidiary, North Atlantic Refining Ltd, with SilverRange at C$97.3 million ($85.5 million).

Harvest said in September it had reached an agreement to sell its 100 percent ownership in North Atlantic Refining, including the subsidiary’s Canadian refining and marketing businesses in Newfoundland, to SilverRange Financial Partners Llc (SilverRange) of New York.

KNOC, South Korea’s state-run oil company, bought Harvest for C$4.07 billion in 2009, which included C$930 million for the refining unit.

KNOC’s net losses from acquiring and operating the 115,000-barrel-per-day (bpd) refining plant grew to C$1.48 billion due to worsening margins, it said in a statement.

KNOC said last December it was considering selling “non-core” parts of Harvest to focus on exploration and development. (1 US dollar = 1.1378 Canadian dollar) (Reporting by Meeyoung Cho; Editing by Biju Dwarakanath and Prateek Chatterjee)

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