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The president of Petroleos de Venezuela S.A.’s lubricant business was one of several company officials arrested early this month on corruption allegations by a committee appointed to reform the national oil company.
Vehicle sales for last year were up in Brazil and Colombia but down in Mexico, Argentina and Chile, according to data from a variety of automotive associations and agencies. The five countries have the largest national fleets among Latin American countries.
Brazilian state-run oil company Petrobras is developing a plan to increase lubricant production at its Comperj refinery in the state of Rio de Janeiro, a spokesperson told Lube Report.
Brazils Petrobras started the process to sell its distribution company in Uruguay so that it can exit the South American countrys lubricants, fuels and liquid fertilizers market.
Malaysias Petronas Lubricants International recently closed its lubricant blending plant near Buenos Aires, Argentina, and canceled plans to build a larger plant, opting instead to contract with toll-blenders because of the country's ongoing economic crisis.
Brazils state-run oil company Petrobras has started the second phase of a plan to sell controlling stakes in eight oil refineries, inviting expressions of interest for four facilities, including one that houses a naphthenic base oil plant.
ExxonMobil is working to reposition its Mobil brand in some South American countries, including Argentina where it recently signed Cosans Moove to serve as distributor.
Arguing that privatization will lead to cheaper energy products, the administration of Brazilian President Jair Bolsonaro has announced plans to sell 60 percent of the governments stakes in eight refineries operated by state-run oil company Petrobras. Two of those facilities include base oil plants.