Samsung C&T snaps up U.S. energy firm to expand reach

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Samsung C&T snaps up U.S. energy firm to expand reach

Samsung C&T, the group’s trading and construction arm, said yesterday it has taken over a U.S. energy firm along with the country’s state-run oil developer in a bid to expand its energy business in the U.S. market.

Samsung C&T purchased a 90 percent stake in Parallel Petroleum LLC from its owner, PLLL Holdings LLC, with the Korean National Oil Corporation holding the remaining 10 percent, the Korean company said.

Samsung C&T did not elaborate on details of the contract, including the value of the deal.

Texas-based Parallel has 10 oil and gas fields in west Texas and New Mexico with a total daily production capacity of 8,000 barrels.

Samsung C&T said that the purchase will help the company expand its resource development business in the North American region.

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