SK Holdings buys into SK Energy

Korea’s SK Holdings Co. said yesterday its board of directors authorized the company to buy 14 million shares of its subsidiary SK Energy Co. through a tender offer.
The shares will be bought at 136,000 won ($144) apiece from Oct. 4 to 23, the company said in a regulatory filing. If the share purchase program is completed as planned, SK Holdings will hold a 32.4 percent stake in SK Energy, SK Holdings said.
Separately, SK Energy said yesterday it has reached a $100 million deal to sell a 10 percent stake in Peru LNG Co. to Marubeni LNG Development B.V.
Peru LNG is a consortium formed in 2003 by U.S.-based Hunt Oil Co., Spain’s Repsol-YPF, SK Energy and Japan’s largest trading and investment company, Marubeni Corp., which wholly owns Marubeni LNG Development B.V.
The Peru LNG project is to provide liquefied natural gas, or LNG, from Peru to Mexico and the western part of the United States. The companies plan to finish construction of an LNG plant some 170 kilometers south of the Peruvian capital Lima by 2009.
“The deal will help us restructure our energy portfolio in Peru in order to focus on oil and gas exploration and production,” an SK Energy official said. Yonhap