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Isla Talks Stalled by Covid-19

The Covid-19 pandemic has delayed negotiations toward a final agreement for the Klesch Group to become operator of Curacao’s Isla Refinery, according to local media reports.

Lube-Tech Opens Distribution Center

Lube-Tech opened a new distribution center this week in Milwaukee, Wisconsin, with capacity to store up to 350,000 gallons of lubricants and other fluids, the company announced on Monday.

U.S. Lifts Sanctions on Nynas

Nynas AB announced May 12 that Petroleos de Venezuela S.A. sold a 35 percent stake in the company and that the United States lifted sanctions against Nynas as a result of the divestment.

Q1 Profits, Sales Up for Afton

Afton Chemical posted increases in both operating profit and sales for the quarter ending March 31, compared to a year earlier.

GP Global Acquires Nigerian Blender

GP Global acquired the lubricants assets of Lagos, Nigeria-based Grand Petroleum. A GP Global executive told Lube Report yesterday the acquisition is part of a bid to expand its lubricant and base oil operations.

Tractor Fluid Settlement Agreed Upon

A Federal District Court judge in Missouri granted preliminary approval to a class action settlement providing reimbursement to customers who purchased certain tractor hydraulic fluids labeled as 303 products and marketed by Citgo and another company.

Nynas Reorganization Extension Approved

A Swedish court approved an extension to Nynas AB’s reorganization last week, giving the company additional time to stabilize its operations on the path the company believes will lead it back to profitability.

Nynas Clears Reorganization Hurdle

Nynas AB cleared a significant hurdle in its reorganization efforts last week after the United States Office of Foreign Asset Control confirmed that a proposed change in the company’s ownership structure would exempt it from sanctions that it says have undermined its profitability. Nynas also said it will file to extend its reorganization now that its initial three-month reorganization period ended.

Q4 Kind to Clean Harbors, HCC, Quaker

Quaker Chemical reported an increase in fourth quarter net income, but a decline for 2019. Its net sales were higher for the quarter and 2019, following its merger with Houghton International, but would have posted declines without the transaction.

Lubes Income Drops for HollyFrontier

HollyFrontier Corp.s lubricants and specialty products segment posted weaker income from operations for the fourth quarter and year but had stronger revenues from external customers.
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