SKorea’s National Pension Service says it wants to buy Chevron’s stake in Colonial Pipeline

SKorea’s pension fund eyes US pipeline stake

SEOUL, South Korea — South Korea’s national pension fund says it is interested in buying Chevron’s 23.4 percent stake in Colonial Pipeline.

National Pension Service official Kim Hee-seok said on Monday that the fund is in talks with the U.S. oil pipeline operator, but emphasized that nothing has been decided on who will buy the stake.

Kim declined to comment on local media reports estimating the fund had offered to pay Chevron Corp. 1 trillion won ($800 million) for the stake.

The pension service is South Korea’s biggest investor, with 295 trillion won ($251 billion) in assets as of June.

Colonial ships gasoline and other refined fuels produced by Gulf Coast refineries to customers and markets across the southern and eastern United States.