Hyundai Oilbank to Make Lubes


South Korean refiner Hyundai Oilbank plans to produce 180,000 barrels of Xteer brand engine oil by 2014 to sell at home and abroad, according to a Sept. 4 news release cited by The Korea Times.

Hyundai Oilbank also plans to market engine oil for heavy equipment and industrial machines within this year, the newspaper reported last week.

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Shell Petroleum Co. Ltd. and Hyundai Oilbank in January 2013 confirmed plans for a new joint venture 650,000 metric tons per year API Group II base oil plant in Daesan, South Korea, to be fully operational in the second half of 2014.

Hyundai Oilbank announced the project in February 2012. A joint venture between the two companies – Hyundai and Shell Base Oil Co., Ltd. – will manage commissioning, start-up and operation of the plant. Hyundai Oilbank has a 60 percent share and Shell a 40 percent share in the joint venture.