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UPDATE 1-S.Korea SK Corp. to invest $592 mln in Peru LNG

Thu Mar 22, 2007 8:24pm EDT

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SEOUL, March 23 (Reuters) - South Korea's top refinery SK Corp. (003600.KS) said on Friday it would invest 555.2 billion won ($592.1 million) in Peru LNG Co., a liquefied natural gas development project in Peru.

SK said in a filing to the stock exchange that it would complete its investment by 2011, with an initial 250 billion won earmarked for 2007. It aims to start production as early as 2010.

U.S.-based Hunt Oil holds a 50 percent stake in Peru LNG, followed by Spain's Repsol (REP.MC) with a 20 percent stake and SK Corp. with the remaining 30 percent.

With the investment, Peru LNG will build an LNG liquefaction plant and pipelines for exports.

($1=937.7 Won)



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