This article was displayed on the ChosunBiz MoneyMove (MM) site at 2:53 p.m. on Feb. 27, 2026.
As SK Innovation moves to sell Daehan Oil Pipeline Corporation, the list of bidders has reportedly been narrowed to three. SK Innovation plans to select and notify a preferred bidder soon.
According to the investment banking (IB) industry on the 27th, SK Innovation recently held a preliminary bid to sell 41% equity in Daehan Oil Pipeline Corporation, drawing three contenders: Stick Alternative Asset Management, IMM Investment, and KB Balhae Infrastructure Fund. (Related article☞[Exclusive] SK Inno pushes to sell equity in Daehan Oil Pipeline Corporation, which earns 50 billion won a year) The sale price is estimated at about 400 billion–500 billion won.
Daehan Oil Pipeline Corporation has been classified by SK Group as a noncore business and has been up for sale since last year. SK Innovation currently holds 41%, GS Caltex 28.62%, and the Ministry of Trade, Industry and Resources 9.76%. Other major shareholders include S-Oil (8.87%), HD Hyundai Oilbank (6.39%), Korean Air Lines (3.1%), and Hanwha TotalEnergies (2.26%).
Stick Alternative Asset Management was also recently selected as the preferred bidder for a minority stake in SK Group's Ulsan GPS. It is pursuing the acquisition in a consortium with Korea Investment Private Equity (PE). The acquisition size is reportedly in the mid-1 trillion won range.
IMM Investment and KB Balhae Infrastructure together acquired a minority stake last year in SK Group's Boryeong liquefied natural gas (LNG) terminal. The purchase price was 560 billion won. However, they entered the current Daehan Oil Pipeline Corporation equity deal separately.
SK Innovation is said to be planning to select and notify a preferred bidder from among the three soon. However, even if a preferred bidder is chosen, there are still many hurdles to clear before a sale can be finalized. Approval is needed not only from the Ministry of Trade and Industry (MOTI) but also from other shareholders such as GS Caltex, S-Oil, and HD Hyundai Oilbank.