Hyundai Oilbank rolls out new engine oil 'XTeer'

Hyundai Oilbank, a South Korean refiner, has rolled out a new engine oil, named "XTeer," in a step to enter the country's lubricant market.

The refiner said last week that it plans to produce 180,000 barrels of of engine oil for eco-friendly vehicles per year, and sell them both at home and abroad.

Hyundai Oilbank also plans to release lubricant products for industrial use within this year.

Previously, three Korean refiners - GS, SK and S-Oil, had a combined 45 percent share in the country's lubricant market, while foreign companies, such as Mobil Korea, Korea Shell and Korea Houghton, took a combined 42 percent market share.

By Josephine Liu Yan Yee

Park Sae-jin swatchsjp@ajunews.com