Hyundai Oilbank, South Korea's fourth-largest oil refiner, announced on September 25, 2014 in Seoul that South Korea's Hyundai Oil Refinery and Royal Dutch Shell , a subsidiary of Royal Dutch Shell, have established a production capacity of 650,000 tons/year in South Korea. The joint venture lubricant base oil plant.
In a statement, South Korea’s Hyundai Oil Refining Company stated that Hyundai Oil Refinery and Shell have invested 60% and 40% respectively in this joint venture lubricant base oil plant located in Dashan City, 140 kilometers southwest of Seoul. The joint venture lubricant base will process 20,000 tons of heavy oil per day into lubricant base oil.
South Korean oil refiners have been rushing to increase their lubricant production to make up for the large losses in refining, but the planned increase in production threatens to erode profits and cut off their income.
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