SK Earth On has finalized the sale of its 20% interest in Peru LNG to Midocean Energy for $256.5 million, a strategic move aimed at bolstering its investment in oil development and future growth initiatives. The transaction, completed on the 7th, comes as SK Earth On seeks to reallocate resources towards areas with higher growth potential.
Peru LNG, a key player in the production of liquefied natural gas, counts major energy firms such as Hunt Oil, Shell, and Marubeni among its shareholders. SK Earth On’s decision to divest its stake aligns with its broader strategy to optimize its investment portfolio for long-term sustainability and growth.
Midocean Energy, a subsidiary of a private equity fund with a focus on U.S. energy investments, represents the acquiring party. This acquisition is part of Midocean Energy’s expansion strategy, which recently included the purchase of Tokyo Gas’s Australian LNG assets.
Myeongseong, CEO of SK Earth On, underscored the significance of this divestiture, noting that it not only reinforces the company’s financial foundation but also accelerates its pursuit of innovative growth avenues. He expressed confidence that the proceeds from the sale will further enhance the company’s ability to invest in promising new ventures, thus driving synergies between its oil development projects and future growth objectives.
