Samsung C&T plans to acquire US oil company
Seoul - Arabstoday
South Korean trading firm Samsung C&T on Monday said it was considering taking over independent US oil company Parallel Petroleum, which a media report said might be worth about $920 million. "We are actively pursuing oil, natural gas and mineral resource business ... and reviewing various resource deals across the globe but no final decision has been made on Parallel Petroleum," Samsung C&T said in a statement. Earlier on Monday a report by online news outlet Money Today said Samsung was seeking to buy the US firm, which is owned by private equity group Apollo Global Management, for an estimated 1 trillion won ($919.6 million). Parallel, based in Midland, Texas, develops and invests in ‘long-lived' oil and natural gas fields in West Texas and New Mexico, including a shale gas project near Forth Worth.
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Dubai - Arab Today
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