South Korea’s Korean National Oil Corp. (KNOC) said it has joined the consortium buying El Paso Corp.‘s exploration and production (E&P) business. Apollo Global Management, Riverstone Holdings and Access Industries in February agreed to pay El Paso $7.15 billion to buy the E&P unit to facilitate the company’s takeover by Kinder Morgan Inc. (see Daily GPI, Feb. 27). KNOC and a unit of Samsung Group in late 2011 bought Barnett Shale-focused Parallel Petroleum from Apollo in a transaction worth an estimated $800 million (see Daily GPI, Dec. 1, 2011).
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