SK Innovation to sell stake in U.S. shale oil mines

SEOUL, March 7 (Yonhap) — SK Innovation Co., South Korea’s leading refiner, said Sunday it will sell its stake in U.S. shale oil mines to a local glycerin company as part of its business reorganization strategy.

SK Innovation said its U.S. affiliate SK E&P America will finalize the deal this month to sell its entire stake in shale gas mines in Oklahoma and Texas and related facilities to Texas-based BenchMark Energy Corp.

The company didn’t provide the value of the deal.

SK Innovation is stepping up its decarbonization efforts by reducing its investments in traditional energy resources and projects for their development, the company said in a statement.

“The company will focus on developing existing mines in Southeast Asian countries, while accelerating its drive to transform the business portfolio to achieve the goal of decarbonization,” it said.