This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:05 p.m. on Mar. 17, 2026.
SK Incheon Petrochem, a crude oil processing company under SK Group, has sold all of its equity in Oilhub Korea Yeosu, a petroleum complex logistics terminal. As part of a groupwide rebalancing to shed noncore asset, parent company SK Innovation recently also began the sale of its equity in Daehan Oil Pipeline Corporation, a pipeline operator.
According to the investment banking (IB) industry on the 17th, SK Incheon Petrochem recently sold its entire 11% equity in Oilhub Korea Yeosu. In Jan., it signed separate stock purchase agreements (SPA) with Japan's oil refiner Idemitsu Kosan and domestic energy logistics specialist SL Corporation, and is understood to have received the proceeds.
Specifically, Idemitsu Kosan acquired 10% of Oilhub Korea Yeosu equity held by SK Incheon Petrochem, becoming a major shareholder of Oilhub Korea Yeosu. SL Corporation secured an additional 1% equity, increasing its holding from 8% to 9%. The total sale price is reported at 36.4 billion won.
Oilhub Korea Yeosu was launched as part of the government's "Northeast Asia oil hub construction project." Along with SK Incheon Petrochem, Korea National Oil Corporation (KNOC) and GS Caltex participated as shareholders, and operations began in 2013. Its main business is leasing petroleum storage tanks, and it posted revenue of 17.7 billion won and operating profit of 8 billion won in the third quarter of last year.
SK Incheon Petrochem's sale of Oilhub Korea Yeosu equity aligns with SK Group's business restructuring trend. As part of a strategy to streamline noncore asset to improve the financial structure and to reshape its portfolio around future growth areas, SK Group has also moved to sell its equity in Daehan Oil Pipeline Corporation.
A notable point is the emergence of Idemitsu Kosan, regarded as a leading Japanese oil refiner. Idemitsu Kosan has become a major shareholder of Oilhub Korea Yeosu following Korea National Oil Corporation (29%) and GS Caltex (11%). It is seen as pursuing this investment to secure a logistics base for crude oil and petroleum products in Japan.
An SK Innovation official said, "Oilhub Korea storage tank utilization had been low and there were no usage restrictions, so it was classified as a noncore asset and sold," adding, "Amid a sluggish petrochemical cycle, the aim is to secure cash and strengthen financial soundness."