Recently, Hyundai Oilbank, South Korea’s fourth-largest oil refiner, announced that it will build a new lube oil plant in Korea with Shell Oil, a refiner of Royal Dutch Shell , the largest oil company in Europe. The new lubricant plant will produce 20,000 barrels of lubricant base oil per day from 2014.
In a statement, South Korea’s Hyundai Refining Company stated that South Korean companies and Shell companies will invest 60% and 40% respectively in this project, but the statement did not specify the total investment in the project.
The statement added that the output of this new lubricant plant will be exported to China and other Asian countries or regions. The new plant, which will begin construction in October 2013, will be built in the refinery complex of Daejeon, a modern refinery company of Korea.
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