SK E&S to buy 10% of Summit Carbon Solutions for $110M

In South Korea, SK E&S will invest $110 million to acquire a 10% stake of Summit Carbon Solutions. SK E&S said it will join hands with Summit Agricultural Group (Summit), the North American diverse farming and agricultural investor, Continental Resource, one of the largest U.S. petroleum and gas companies, and Texas Pacific Group (TPG), the global private equity firm. By doing so, the company is building a “CCS dream team” to dominate the carbon reduction market in the U.S.

SK E&S also shared its plan to create strategic synergy effects with Summit by using the American company’s experience in biofuel business in the U.S. and Latin America as well as with Continental which possesses know-hows about various pipeline operations in petroleum and gas business in order to create the best CCS infrastructure. Especially, SK E&S and Continental have maintained strong partnership since 2014 when they started joint development of shale gas fields in Woodford.