SK Lubricants to strengthen partnership with PetroChina, with latest base oil deal
SK Lubricants Co., South Korea’s leading lubricants producer, has signed a deal to supply lubricating base oil to China’s largest oil and gas producer Yonhap News Agency reported.
SK Lubricants, an affiliate of South Korea’s top refiner, SK Innovation Co., said it will supply its Group III base oil products to PetroChina, but did not disclose the terms of the deal.
Despite a slowdown in the Chinese economy in recent years, SK Lubricants said it expect China’s premium lubricants market, where Group III base oils are used, to grow 15% annually, due to the continued strength in the luxury car market and implementation of China VI.
SK Lubricants said it will cooperate with PetroChina on technology exchanges and other research, as part of further strengthening its partnership with the state-run oil company.