SK Earthon Sells 20% Stake in Peru LNG for 350 Billion KRW

Transferred to a US energy-focused private equity subsidiary

SK Innovation's subsidiary SK Earth On has completed the sale of its stake in 'Peru LNG (LLC)', which it has operated since 2010.

On the 22nd (local time), SK Earth On announced that it successfully completed the transaction to sell a 20% stake in Peru LNG to MidOcean Energy for $256.5 million (approximately 350 billion KRW). The two companies agreed on the sale of the Peru LNG stake in February and have been proceeding with the related procedures.

Peru LNG is a company that owns a liquefied natural gas production plant that began production in 2010, with global energy companies Hunt Oil, Shell, and Marubeni holding stakes.

MidOcean Energy is a subsidiary established in 2022 by the U.S. energy investment private equity firm 'EIG' to expand its LNG business. It has been actively engaged in LNG projects recently, including acquiring shares of Tokyo Gas's Australian LNG assets.

SK Earth On plans to accelerate its overseas resource development, which has continued for over 40 years, using the funds secured from this sale. A representative from SK Earth On stated, "Following the discovery, development, and production of oil in existing operated/interest blocks such as China 17/03 block and Vietnam 16-2 block, we plan to expand our portfolio to include exploration in new regions such as the Malaysia block."