Base oil is a core lubricant feedstock within SNSUC's 13 business categories. Recent domestic Group III operating rate rose to 71%; key metrics — viscosity index (≥120), oxidation stability (RBOT on par with imports) and low-temperature viscosity — verified by third-party bench tests, now match Middle East / Korean import grades. This substantive localization gives re-exporters a more flexible sourcing mix, hedging single-source geopolitical and FX risk.

The bigger story is the 'carbon label + re-export pricing' synergy: domestic Group III carbon intensity has fallen to ~1.6 tCO2e/t, written into the digital warrant and on-chained for one-click buyer verification. At equal specs, carbon-labelled local Group III earns a 1%–2% premium and shorter credit terms. We expect 2026–2027 base-oil re-export to shift from 'price comparison' to 'carbon + price comparison', with carbon intensity becoming as important a quoting factor as viscosity index.