Seoul-Financially-constrained Korea National Oil Corp. plans to focus its upstream efforts on the UAE and Iraq as it looks to streamline its portfolio of overseas oil and gas assets to cut debt levels. “KNOC has been focusing on improving its financial condition by selling non-core assets, and will refrain from costly M&A deals,” a KNOC official said Monday, but added that the compa- ny intends to continue efforts towards upstream projects focused on the UAE and Iraq.
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