This article was displayed on the ChosunBiz MoneyMove (MM) site at 2:53 p.m. on Feb. 28, 2026.
As SK Innovation is pushing to sell Daehan Oil Pipeline Corporation, the number of bidders has reportedly been narrowed down 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 a 41% equity stake in Daehan Oil Pipeline Corporation, and three parties—STIC Alternative Investment, IMM Investment, and KB Balhae Infrastructure Fund—joined the race. (Related article☞[Exclusive] SK Inno moves to sell its stake 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%. In addition, S-Oil (8.87%), HD Hyundai Oilbank (6.39%), Korean Air Lines (3.1%), and Hanwha TotalEnergies (2.26%) are also major shareholders.
STIC Alternative Investment was recently selected as the preferred bidder for a minority stake in SK Group's Ulsan GPS as well. It is pursuing the acquisition through a consortium with Korea Investment Private Equity (PE). The acquisition size is said to be in the mid-1 trillion won range.
IMM Investment and KB Balhae Infrastructure jointly acquired a minority stake in SK Group's Boryeong liquefied natural gas (LNG) terminal last year. The acquisition price was 560 billion won. However, they entered the race for the Daehan Oil Pipeline Corporation equity stake separately this time.
SK Innovation is reportedly planning to select and notify a preferred bidder among the three soon. However, even if a preferred bidder is chosen, there are several hurdles to clear before the sale can be completed. 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.