Seoul, South Korea − Lubrizol, a science based specialty chemical company with leading positions in additives, and HD Hyundai Oilbank, a leading Korean oil refinery and chemical company, have signed a Memorandum of Understanding (MOU) to explore strategic collaboration opportunities in the Korea and Asia Pacific lubricants market, underscoring the increasing role of cross value chain partnerships in meeting evolving performance, sustainability, and customer expectations.

The MOU provides a structured platform for deeper technical and market collaboration, combining HD Hyundai Oilbank’s base oil expertise with Lubrizol’s leadership in additives and specialty chemicals. By strengthening technical dialogue and aligning complementary capabilities, the two companies aim to accelerate innovation in lubricant solutions that better address evolving market needs in global and local markets.

“As the lubricants industry evolves, innovation increasingly happens at the intersection of materials science, application expertise, and market insight,” said Henry Liu, Asia Pacific Vice President, Lubrizol. “This collaboration with HD Hyundai Oilbank reflects Lubrizol’s commitment to building a strong innovation ecosystem - one that connects expertise across the value chain to deliver differentiated solutions to respond more effectively to emerging customer needs and market trends.”

Under the agreement, Lubrizol and HD Hyundai Oilbank will explore cooperation in technical development of additives and lubricant solutions, sharing of market insights, joint product development initiatives, and product qualification activities. This integrated approach is intended to enhance speed to market, improve solution relevance, and support customers as requirements continue to evolve.

“Working with Lubrizol allows us to co create lubricant solutions from the early stages of development,” said Tae-Oh Jung, Executive Vice President, HD Hyundai Oilbank. “Together, we can turn market insights into practical, high value solutions that support customers’ evolving technical and operational requirements.”

The MOU reinforces both companies’ focus on advancing lubricant technology through collaboration − strengthening competitiveness, supporting sustainable growth, and contributing to a more resilient and innovative lubricants ecosystem in a rapidly changing market environment.

Lubrizol and HD Hyundai Oilbank Sign Memorandum of Understanding to Advance Collaboration in Lubricants Innovation