Reuters: Private Equity: S. Korea in talks for cut in El Paso assets-source

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S. Korea in talks for cut in El Paso assets-source Mar 19th 2012, 17:32 NEW YORK/SEOUL, March 19 | Mon Mar 19, 2012 1:32pm EDT NEW YORK/SEOUL, March 19 (Reuters) - South Korea state oil company Korea National Oil Corp is in talks to join a private equity-led consortium that agreed to buy El Paso Corp's oil and gas assets for $7.15 billion, a source with direct knowledge of the matter said on Monday. 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, the source said on condition of anonymity. Spokespeople for KNOC, El Paso, Apollo, Riverstone and Access Industries declined to comment. Kinder Morgan Inc is selling off the business, which it would have picked up as part of its $21 billion deal to buy rival El Paso late last year. Because Kinder Morgan was only interested in El Paso's pipeline assets, it promptly put the E&P business up for sale, hoping to use the proceeds to reduce the cost of the original deal. South Korea depends almost entirely on oil imports. Foreign companies, encouraged by high crude oil prices and hungry for the exploration know-how, have been on the hunt for shale formations across the United States.

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