Hyundai Oilbank has entered the lubricants market with a new engine oil product for environment-friendly cars.
Hyundai Oilbank Xteer advert Image:Hyundai Oilbank |
The South Korean company has launched a new XTeer engine oil brand with plans to sell both domestically and internationally by 2014.
Increasing competition from SK Energy, GS Caltex and S-Oil, with a combined market share of 45%, has led the company to diversify revenue sources. However, the South Korea's third largest individual refiner is entering the engine oil sector in a hope of boosting its revenues.
The first XTeer product is aimed at the the latest low-emission engines, but Oilbank also plans to market engine oil for heavy equipment and industrial machinery.
The company began building a lube base oil plant at the beginning of 2013 in joint venture with oil giant Shell. The 20,000 b/d site is set to produce high-grade lubes for a variety of sectors.