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The Covid-19 outbreak is proving to be the most disruptive event for the base oils and refining industry since the Great Recession of 2008, causing refiners to cut back on production or temporarily shutter operations altogether, sources tell Lube Report.
Mexicos ongoing changes - including a new president and a revised Free Trade Agreement with the United States and Canada - will shape its economic future, with possible ramifications for its lubricant and base oil markets, an industry insider said at the ICIS Pan American Base Oils & Lubricants Conference.
Motorcycles and scooters are the preferred mode of transportation in many Asian countries, and while new environmental regulations drive the formulation of their lubricants, they are also affected by several other factors, an industry expert said at the ICIS Asian Base Oils & Lubricants conference.
ExxonMobil announced Tuesday that it is planning a multi-billion dollar expansion at its Singapore refining complex, which will increase output of API Group II base stocks and clean fuels. This project would be in addition to the expansion currently underway at its existing Group II plant there.
Trafigura Group Pte. Ltd. closed last month on the purchase of most of Pampa Energias downstream assets in Argentina. The transaction includes a lubricants manufacturing plant in Avellaneda, Buenos Aires, Trafigura reported in a press release.
Engine oil markets are shifting toward lower viscosity products that require high viscosity index base stocks, and it may be difficult for the refining industry to supply enough of them, two industry insiders said at the ICIS Asia Base Oils & Lubricants Conference here last month.
Asia may produce most of the worlds API Group III base stocks, but it still clings to Group I and II in lube formulations, an industry consultant told the ICIS Base Oils & Lubricants Conference last month.
Hyundai and Shell Base Oil Co. announced the opening of its API Group II plant in Daesan, South Korea, on Sept. 25.