Volume 4 Issue 8
Clashing supply-demand dynamics resulted in record price volatility in the U.S. base oil market, an industry analyst observed during a virtual conference last week. A sharp drop in demand, a subsequent rebound, reduced feedstock availability and up and down crude oil costs all contributed to whipsawing base oil values.
Lanxess AG will pay $1 billion to acquire United States-based specialty chemical manufacturer Emerald Kalama Chemical, which makes products such as corrosion inhibitors for lubricants and cutting fluids. Affiliates of Emerald’s majority owner, American Securities LLC, agreed to the sale, which is expected to be completed in the second half of this year, following approvals. Lanxess said it will finance the deal with existing liquidity.
For the fourth quarter and full year 2020, HollyFrontier Corp.’s lubricants and specialty products segment posted weaker income and lower revenue from operations, while Clean Harbors’ Safety-Kleen segment reported lower revenue.