South Korea’s Hyundai Oilbank Co. announced the release of seven new automotive lubricant products under its premium brand XTeer Ultra, which meet the new API SN Plus specification.
Hyundai Oilbank will become the first Korean refiner to do so. Engine oils licensed by the American Petroleum Institute (API) as API SN with SN PLUS and API SN with SN PLUS and Resource Conserving may display the SN PLUS designation as depicted in the SN PLUS user language beginning May 1, 2018.
API Service Category SN engine oils that also carry the classification SN PLUS are formulated to provide API SN performance and additional protection against low-speed pre-ignition for turbocharged direct injection gasoline-powered vehicles.
Hyundai Oilbank expects the new products could help bolster exports to overseas market as an API license is a must to sell lubricants in some countries. Some countries in South America and the Middle East prohibit the importation of lubricants without the API donut on the label.
Hyundai Oilbank started its finished lubricants business with its XTeer brand in 2013. Currently, it exports finished lubricants to 50 countries including China, Vietnam and Chile. It also has overseas production bases to ensure a stable supply of products.
Earlier, the company, which also operates a 700,000 tonne-per-year joint venture lubricating base oil refinery with Shell in Daesan, South Korea, announced plans to launch an initial public offering in the third quarter.
“We plan to float Hyundai Oilbank on the stock market this year and we are in the process of selecting a lead underwriter. The firm will go public around September and October,” said Kwon Oh-Gap, CEO of Hyundai Heavy Industries, in a press briefing last month.
Hyundai Oilbank is an affiliate of Hyundai Heavy Industries, which owns a 91.1% stake. Hyundai Oilbank posted KRW 140 billion (USD 130.2 million) in annual sales and net profit of KRW 80 billion (USD 74.4 million) last year.