South Korea's SK Corp is seeking to sell a stake in its SK Inchon Oil Refinery Co to Chinese strategic investors, including Sinopec.

"We have changed our plan. Rather than listing Inchon Oil, we have decided to sell a shareholding to strategic investors such as China's Sinopec and talks for the deal are now underway," a SK official said.

SK Corp scrapped its original plan to sell a 30 percent stake in Inchon Oil in an IPO both in Seoul and London last November due to unfavorable market conditions.

The new plan to find a Chinese strategic partner is part of a plan to enter China's petrochemical market.