The world's two leading engine oil specification groups have developed a closer working relationship in recent years, which will enable new development processes to move forward more quickly and smoothly.

Refineria di Korsou - the Curacao government entity that owns the Isla Refinery - announced an agreement last week for industrial commodities conglomerate Klesch Group to operate the facility, which includes a base oil plant.

The trend toward electrified vehicles will mean an increase in demand for API Group III+ base stocks because they will be needed to formulate engine oils for hybrid and plug-in hybrid cars, a consultant said at a recent industry conference.