SK Innovation’s $1 Billion Sale of Its Stakes in two Peruvian gas fields

Gibson, Dunn & Crutcher and Garrigues advised on the deal

SK Innovation Co., South Korea’s leading refiner, executed the sale of its interest in two Peruvian gas fields for $1.05 billion.

The SK Innovation 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.

Proceeds of the sale will be use to finance investments 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.

SK Innovation Co., Ltd. refines, markets, and distributes oil. The Company, led by Kim Jong-Hoon, Chey Tae-Won and Kim Jun, produces gasoline, kerosene, liquefied petroleum gas, and diesel oil, as well as manufactures petrochemical products, including paraxylene, synthetic resins, styrene monomer, and ethylene.

Gibson, Dunn & Crutcher advised SK Innovation Co., Ltd. with Justin T. Stolte (Picture), James Robertson, Ashley Nguyen, Jordan Silverman and Monika Kluziak.

In Peru, Garrigues advised SK Innovation Co., Ltd. with Thomas Thorndike, Diego Harman, Giancarlo Vignolo, Ian Forsyth and María Paz Delgado.

Involved fees earner: Diego Harman – Garrigues; Thomas Thorndike – Garrigues; Giancarlo Vignolo – Garrigues; Monika Kluziak – Gibson Dunn & Crutcher; Ashley Nguyen – Gibson Dunn & Crutcher; James Robertson – Gibson Dunn & Crutcher; Jordan Silverman – Gibson Dunn & Crutcher; Justin Stolte – Gibson Dunn & Crutcher;

Law Firms: Garrigues; Gibson Dunn & Crutcher;

Clients: About SK Innovation Co Ltd;