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LG International sells off interests in oil and gas assets
A multijurisdictional team from Ashurst has advised LG International Corporation on the sale of its 20 per cent economic interest in upstream oil and gas assets in Chile and Colombia.
Emma Musgrave
Firms: Ashurst (LG International Corporation); Undisclosed (GeoPark Limited)
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Deal: LG International Corporation (LG Interational) has sold 20 per cent of its oil and gas assets to joint venture partner GeoPark Limited (GeoPark).
Value: Undisclosed
Area: M&A, oil and gas
Key players: The Ashurst team was led by resources partner Stuart James, assisted by senior associates Chris Barry and Richard Shi, and lawyer James Campbell.
Partner Sanjay Wavde advised on some tax related matters, and partner Catherine Pedler assisted on certain joint venture issues.
Finance partner Michael Neary, assisted by counsel Matthew Haist and associate Misha Daha from the New York office advised on New York law aspects, according to a statement from Ashurst.
Deal significance: LG International is the global trading arm of LG Corporation, South Korea’s fourth largest conglomerate, the statement explained.
The companies primary focus is described as being the development and trading of natural resources. It conducts coal, oil and gas, non-ferrous metals and palm oil businesses in Australia, South East Asia, China, the Middle East, Central Asia and South America, the firm noted.
“The transaction gives GeoPark 100 per cent ownership of its Colombian and Chilean operating companies, ending the eight-year strategic partnership between LGI and GeoPark in South America,” the statement said.
Commenting further, lead partner Stuart James said: “We were very pleased to advise LG International on this significant divestment, which had numerous cross border elements and involved our teams in Australia and New York. The deal is another example of how strategic partnerships with Korean companies can successfully aid the development of natural resources and accelerate growth.”
