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Lubricant supplier Lanka IOC reported a net loss while the lubricants business segment of Malaysian state-owned oil firm Petronas’ domestic marketing arm posted a decline in gross profit for the quarter ending March 31.
South Korean base oil exports fell 13 percent to 1.4 million tons in the first quarter this year, down from 1.6 million tons in 2019’s first quarter, according to data released by the Korea Customs Service. The value of base oil exported in this year’s first quarter was U.S. $945.7 million.
Stated-owned Thai Oil Group’s base oil business reported a major increase in net profit on lower sales revenue in the first quarter.
Trends related to electric vehicles accounted for half of the 10 most popular answers in a global survey of tribologists and lubrication engineers about developments likely to draw the industry’s interest in coming years.
Passenger car registrations in the European Union dropped a record 76 percent in April to 270,682, compared to April last year, reflecting the first full month with Covid-19 pandemic restrictions in place, according to the European Automobile Manufacturers Association.
Chevron Lubricants Lanka Plc reported sharp declines in profit and sales for the quarter ending March 31, compared to the same period a year ago.