Hyundai Oilbank delving into lubricant base oil with tie-upHyundai Oilbank said yesterday it has joined forces with the Shell Peroleum Company to enter the lubricant base oil business.
The deal with the energy company was reached earlier in the day in Singapore, Hyundai Oilbank said, adding that lubricant base oil production is expected to start in 2014 at the company’s Daesan plant 110 kilometers (68 miles) southwest of Seoul.
The joint company, to be named Hyundai and Shell Base Oil, will be officially launched in March, with a capacity to reach 20,000 barrels. Construction on the new 33,000 square-meter plant is expected to kick off in October.
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