Volume 5 Issue 22
Petrobras announced last week an agreement to sell its Lubnor refinery in Fortaleza, Brazil, to a consortium of companies including asphalt supplier Greca Asfaltos for U.S. $34 million. Formally named Lubrificantes e Derivados de Petroleo do Nordeste, Lubnor is one of eight refineries that state-owned Petrobras has been working three years to divest and includes a naphthenic base oil plant.
Global demand for natural gas engine oils in non-transport applications will grow at a compound annual rate of 4% through 2026 to surpass 600,000 metric tons, as the fight against climate change spurs the use of engines powered by natural gas, consulting firm Kline & Co. projected. Industry is increasingly striving to generate gas from renewable sources.
Base oil production in the United States rose 15% in March, compared to the same month last year, and was 17% higher than in March 2020, a U.S. government agency reported last week. Production for the first quarter increased 10% from the same period last year.