KNOC issues $1 billion in bonds overseas for expansion

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KNOC issues $1 billion in bonds overseas for expansion

The Korea National Oil Corporation said yesterday that it has sold $1 billion worth of bonds overseas to finance oil exploration and production projects.

The KNOC said the five-year bonds were sold at a yield of 3.189 percent, the lowest rate for Korean corporate debt issued this year.

The company aims to increase crude production from fields it controls to 300,000 barrels per day by year’s end. The KNOC also wants to raise the crude reserves in its oil fields, which it owns or has stakes in, to two billion barrels.

The latest debt sale, meanwhile, marks the fourth year in a row that KNOC has successfully issued bonds abroad. In 2009, the company raised $1 billion, with the total reaching $700 million and $1.0 billion in 2010 and 2011, respectively.

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