Hyundai Oilbank launches new mascots ahead of major takeover

Hyundai Oilbank said Friday it has launched new mascots as it finalizes its acquisition of the gas station business of SK Networks.

The South Korean oil refiner introduced three dinosaur mascots -- Gio, Dio and Kio -- named to represent its respective brands for gasoline, diesel and kerosene. It is poised to take over some 300 gas stations from SK Networks.

The takeover is expected to allow Hyundai Oilbank to dethrone GS Caltex and become the second-biggest oil station following SK Energy and gain a stronger foothold in the metropolitan area, as 60 percent of some 300 gas stations are located in the area.

Also, Hyundai Oilbank recently renewed its premium gasoline brand Kazen -- named after Kaiser and zenith -- to show its confidence in quality. Premium gasoline is the only product showing growth among other types of fuel for cars, with demand growing 15.5 percent annually from 880,000 barrels in 2016 to 1.35 million barrels last year.

Hyundai Oilbank aims to add Kazen to 300 gas stations by the end of this year to increase its premium gasoline market share to 25 percent from 10 percent.

On top of premium gasoline, Hyundai Oilbank is concentrating on eco-friendly lubricants. The refiner recently introduced 11 types of Hyundai XTeer Ultra lubricants for gasoline engines that meet American Petroleum Institute and International Lubricant Standardization and Approval Committee’s standards.

By Kim Byung-wook (kbw@heraldcorp.com)