The company sold a 49.9 percent stake to IMM Investment and KB Balhae Infrastructure, while Boryeong LNG terminal shareholder GS Energy increased its stake by 0.1 percent to 50.1 percent.
SK Innovation said in a stock exchange filing on December 24 that it has withdrawn from its subsidiary due to the transfer of its stake in the Boryeong LNG terminal.
The company secured approximately 560 billion won ($387.7 million) from this equity sale.
SK Innovation will retain its existing rights and obligations regarding the use of the LNG terminal, according to local media reports citing a statement from SK Innovation.
In 2013, SK E&S, now SK Innovation E&S, and GS Energy established a 50/50 joint venture to build the Boryeong LNG terminal.
The facility launched commercial operations in January 2017, and it currently has six LNG storage tanks with a capacity of 1.2 million cbm and one LPG storage tank.
It supplies natural gas for power generation and industrial use.
Besides this facility, South Korea’s BS Hanyang and GS Energy are also building the Northeast Asia LNG hub terminal in Yeosu.
The NEA LNG terminal will feature three 200,000-cbm LNG storage tanks, supplying 3 million tons of LNG annually upon full completion in 2029.
On the other hand, state-owned Kogas owns the large terminals in Incheon, Pyeongtaek, Tongyeong, and Samcheok, and the small-scale regasification terminal at the Aewol port on Jeju island.
Kogas is also building a large LNG import facility in the western port city of Dangjin.
