Hyundai Oilbank, South Korea's fourth-largest refiner (after SK, S-Oil and GS-Caltex), said that it has entered the lubricant market by launching a new engine oil named XTeer. The refiner said it will produce some 180,000 barrels of engine oil under the XTeer brand by next year. The refiner said it will sell these in the domestic and overseas markets and that they also plan to market engine oil for heavy equipment and industrial machines within the year.

In January 2013, Shell Petroleum Co. Ltd. and Hyundai Oilbank announced plans for a new 650,000 metric tons per year (13,000 bpd) API Group II base oil joint venture plant at Hyundai Oilbank's refining complex in Daesan, a coastal city 140 kilometers southwest of Seoul, to be operational in the second half of 2014, with Hyundai Oilbank holding a 60 percent stake and Shell holding the remaining 40 percent in the company.

The local lubricant market is estimated at 2.5 trillion won (US$2.3 billion), with local refiners such as GS Caltex, SK Lubricants, and S-Oil holding a combined market share of 45 percent.

Hyundai Oilbank, an affiliate of Hyundai Heavy Industries, acquired South Korea's Kukdong Oil Refining in 1993.