SK Gas completes Ulsan GPS stake sale, raising 1.22 trillion won

SK Gas said Monday that its minority stake monetization deal for Ulsan GPS had been finalized following receipt of the remaining payment.

Through the transaction, SK Gas transferred a 49 percent stake in Ulsan GPS to Stick Hantoo Infra, raising approximately 1.22 trillion won ($794 million). The company will retain a 51 percent stake in Ulsan GPS after the deal closes, maintaining its position as the largest shareholder.

SK Gas said it plans to use the proceeds to fund investments in future growth businesses and to strengthen its financial structure, describing the deal as the starting point of a strategic asset reallocation.

Going forward, SK Gas plans to expand its business portfolio by leveraging its liquefied petroleum gas and liquefied natural gas trading capabilities alongside its existing infrastructure assets. The company said it will begin sharing specific strategic directions with the market in the second half of this year.

"The global energy market is confronting a new phase of geopolitical risk in the Middle East and a structural reshaping of the power and energy landscape driven by the AI revolution," an SK Gas official said. "We will seize this paradigm shift as an opportunity for a new leap forward and build a business portfolio optimized for the changed energy environment."

SK Gas said it is also reviewing a renewal of its mid-term shareholder return policy for 2027 to 2029 and plans to announce details once finalized.

Ulsan GPS is the world's first 1.2-gigawatt combined-cycle power plant capable of running on both LNG and LPG. SK Gas invested approximately 1.4 trillion won in the facility, which began commercial operation in December 2024.