SK Earthon is securing investment funds for future growth engines by selling its stake in Peru LNG Company, LLC.
On Feb. 7, the company signed a stake transfer agreement with MidOcean Energy to sell 20 percent of its stake in Peru LNG for US$256.5 million.
Peru LNG is a company that owns a liquefied natural gas production plant that has commenced production since 2010. It is held by global energy companies, such as Hunt Oil Company, Shell, and Marubeni, with SK Earthon holding a 20 percent stake.
MidOcean Energy is a subsidiary established in 2022 by EIG, a U.S. energy-focused private equity fund, for expanding its LNG business. Recently, it has been actively pursuing LNG projects, including the acquisition of stakes in Australian LNG assets from Tokyo Gas in Japan.
SK Earthon plans to invest the proceeds from this sale into its future growth projects, accelerating the advancement of its financial strategy.
SK Earthon CEO Myeong Seong stated, “The two pillars of SK Earthon’s financial story, petroleum development and future growth businesses, are synergizing and creating results together. The successful sale of Peru LNG will provide even greater momentum for our future growth businesses.”