Hyundai Oilbank enters lube market with new engine oil XTeer

Hyundai Oilbank Co., South Korea’s fourth-largest refiner, entered the lubricant market with its launch of a new engine oil XTeer.
The refiner said it will produce some 180,000 barrels of engine oil by next year and sell these in the domestic and overseas markets.
The local lubricant market is estimated at KRW2.5 trillion won (US$2.2 billion), with local refiners such as SK, S-Oil Corp. and GS Caltex holding a combined market share of 45%.
Hyundai Oilbank started work on the construction of a plant to produce base oils in January, in partnership with Shell.
The plant to be built in Daesan, a coastal city 137 kilometers southwest of Seoul, will have a production capacity of 20,000 barrels per day.
Earlier this year, Hyundai Oilbank and Shell established a joint venture to build and operate the plant, with Hyundai holding a 60% stake in the company.