SK Innovation’s unit to sell Peru oil block stake to U.S. firm

SK earthon Co., a South Korean oil exploration and production company, said Thursday it will sell its entire stake in an oil block in Peru to a U.S. company. SK earthon has signed a deal to deliver its 20 percent stake in Peru LNG Co. to MidOcean Energy, the liquefied natural gas unit of U.S.-based energy investor EIG, for US$256 million to secure capital for its future growth-engine business, the company said in a statement. "The company will use the proceeds from the stake sale to maximize synergies between overseas oil development and future growth drivers," it said without elaborating. SK earthon is the wholly owned energy unit of SK innovation Co., the country's leading refiner, which is part of the chip-to-construction conglomerate SK Group. Source: Yonhap News Agency