Matching the proper grease formulations to the right applications in automotive engines and drivelines can help conserve energy, an expert said at an industry event in Indore, India.

Castrol India and Gulf Oil Lubricants India each temporarily closed its lubricant plants as the government tries to stop the spread of the deadly coronavirus in the world’s third-largest lubricant market.

India’s government invited bids to buy its almost 53 percent stake in Bharat Petroleum Corp. Ltd., an oil and gas company that is one of the country’s largest lubricant suppliers and one of four domestic base oil producers.

Hi-Tech Lubricants Ltd. rebounded with a profit in its second quarter, as higher other income, as well as lower expenses and taxes, offset the impact of a decline in sales.

United Arab Emirates-based GP Global said it plans to invest Rs 100 crore (Rs 1 billion or U.S. $14 million) to build a greenfield lubricant blending plant in western India.

Gulf Oil Lubricants India Ltd. and Maximus International Ltd. each reported increased profits, while GP Petroleums and Continental Petroleums each posted a decline in profit for the quarter ending Dec. 31.

Domestic automobile sales in India declined nearly 14 percent year-on-year to 23.1 million units in 2019, according to data from the Society of Indian Automobile Manufacturers.

The worlds second-largest lubricant supplier is considering building a blending plant in the worlds third-largest market, according to an executive in the industry.

Mumbai is the leading point of entry for base oil imports into India - one of the worlds largest importers of such products - thanks to better infrastructure and connectivity with other regions, according to industry insiders.

The Indian market has undergone a large shift in recent years toward API Group II and III base stocks, and with the countrys upcoming transition towards stricter automobile emissions standard, Group III offers an attractive proposition for lube formulators, an industry insider said.