Korean refiner and petroleum company, Hyundai Oilbank has announced that it will be establishing a joint venture to manufacturer lubricants with Shell Petroleum Co. The JV, called Hyundai and Shell Base Oil Co., will break ground on a factory in October and is scheduled to begin production in 2014.
The Korea Herald article states that Hyundai Oilbank will contribute 60 percent of the funding for the JV, while Shell will contribute the remaining 40 percent. Hyundai Oilbank expects the venture to achieve more than 700 billion won in sales and additional yearly profits of 80 billion by 2015.
According to the article, Hyundai Oilbank has also established a separate agreement with Shell Eastern to produce some 20,000 barrels of lubricants per day.
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