SK Innovation Co., South Korea's leading refiner, said Friday it will sell all of its stakes in two Peruvian gas fields for 1.25 trillion won (US$1.05 billion).
SK Innovation said its board of directors approved the plan to sell its 17.6 percent stakes in two Peruvian gas fields -- Block 88 and Block 56 -- to Argentine oil firm Pluspetrol.
The Korean refiner said it will use the cash to diversify its portfolio in other promising energy sectors, including battery and materials business, and expand its presence in the Asian and North American markets.
Pluspetrol specializes in exploration, development and extraction of oil and gas mainly in Latin America and Africa. (Yonhap)