Hyundai Oilbank, Shell jointly

Hyundai Shell Base Oil, a joint venture between South Korean refiner Hyundai Oilbank and U.S. oil company Shell, said Thursday that it has completed construction of a new lube base oil plant to tap into the growing Asian lubricant market.

The lube base oil plant, with an annual capacity of 650,000 tons, was built in Daesan, some 140 kilometers south of Seoul, following 1 1/2 years of construction, the company said.

The plant will process about 20,000 barrels of base oil a day, which will be distributed to China and other Asian countries through Shell’s global supply network.

Hyundai Oilbank, South Korea’s fourth-largest oil refiner, said it will use part of the lube base oil to launch a new lubricant product, Xteer, later this year. (Yonhap)