KNOC hires Scotiabank to sell stake in Dana Petroleum

State-run Korea National Oil Corporation (KNOC) has hired Canada’s Scotia Bank to help find a financial partner for a 30 percent stake in its British subsidiary Dana Petroleum.

The process is expected to kick off in early May, when confidential information packages will be circulated to interested parties to undertake due diligence checks on the business.

A source added the stake could be valued at up to US$550 million.

KNOC bought Aberdeen-based Dana, an exploration and production company with operations across the North Sea, the Netherlands and Egypt, in 2010 for US$2.9 billion, including the company’s bondholders.

At the time, the acquisition was seen as the biggest hostile deal by a South Korean firm keen to boost the country’s oil reserves

Source: Energy-pedia