New chief executive for South Korea's state-owned KNOC

Former Posco Daewoo official Yang Su-Yeong has been appointed as the new chief executive of South Korea’s state-owned Korea National Oil Corporation (KNOC).

Local media reported that Yang is expected to play a pivotal role in orchestrating KNOC’s exit strategy from its loss-making Canadian subsidiary Harvest Energy.

KNOC nine years ago acquired Harvest for almost US$4 billion, a deal that saw former KNOC boss Kang Young-won in court for a suspected of a breach of trust.