May 04, 2024

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(SK Innovation)

SK earthon, a South Korean oil exploration and production company, said Wednesday it has sold its entire stake in an oil block in Peru to a US company.

SK earthon has wrapped up a deal to deliver its 20 percent stake in Peru LNG Co. to MidOcean Energy, the liquefied natural gas unit of US-based energy investor EIG, for 350 billion won ($256 million) to secure capital for future growth engines, the company said in a statement.

The company said it will use the proceeds from the stake sale to maximize synergies between overseas oil development and future growth drivers.

SK earthon is the wholly owned energy unit of SK innovation, the country's leading refiner, which is part of the chip-to-construction conglomerate SK Group. (Yonhap)