Thursday, December 19th, 2013
SEOUL, KOREA - SK Lubricants said on December 17 that it was selected by GM of the United States as a supplier of automatic transmission fluid and engine oil.
The company was picked as the supplier in a competitive bidding for "Dexos I," the U.S. car maker's next-generation engine oil brand. It also won a bidding to supply oil for "Dexos VI" that it has supplied since 2009.
Under the terms of the agreement, the SK Group company will deliver up to 280,000 barrels of transmission fluid and motor oil for the next three years until 2016. This is volume equivalent to oil for 2 million new cars produced in North America. Currently SK Lubricants supplies its oils to Hyundai Motor, Kia Motors, and Renault Nissan.
An SK Lubricants official said, "With the latest supply deal, we could secure a bridgehead in the North American market following Europe and Russia. As the market for motor oil is 50 times bigger than transmission fluid market, we will focus on the former by signing a series of deals with major auto companies."