(MENAFN) SK Innovation Co. said it sold an 11.2 percent stake in Transportadora del Gas de Peru (TgP), a Peruvian pipeline firm, for USD251 billion to improve financial status, Yonhap News reported.

South Korea's top refiner said it signed the deal with Enagas, a Spanish natural gas transportation firm, and Habanera, a Canadian subsidiary of Corporacion Financiera de Inversiones, a Peru energy investment firm.

Since commercial operations began in 2004, TgP has transported about 95 percent of the natural gas from the main oil fields to major cities in the Andean country, the company said.

"The deal is aimed at reorganizing the oil development business portfolio to acquire funds for new investments," the firm said in a release, without elaborating on details.