Samsung in Talks to Buy Parallel Petroleum from Apollo

South Korean trading company Samsung C&T is in talks to purchase oil company Parallel Petroleum, which is currently owned by Apollo Global Management, Reuters said. Samsung C&T is an affiliate of conglomerate Samsung Group. Parallel, based in Midland, Texas, develops and invests in “long-lived” oil and natural gas fields in West Texas and New Mexico, Reuters wrote.

(Reuters) – South Korean trading company Samsung C&T Corp said on Thursday that it was in discussions to purchase independent U.S. oil company Parallel Petroleum, which is owned by private equity group Apollo Global Management LLC .

In August, online news outlet Money Today reported that Samsung C&T, an affiliate of conglomerate Samsung Group, was seeking to buy the U.S. company for an estimated 1 trillion won ($869.7 million).

“A definitive agreement regarding such an acquisition has not been negotiated and no assurances can be given that such an agreement will be executed,” Samsung C&T told the South Korean stock exchange.

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. ($1 = 1149.850 won)

(Reporting by Hyunjoo Jin; Editing by Chris Lewis)