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
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