Volume 6 Issue 13
API Group III base oil prices in the United States have stayed high while values for Group I and II oils dropped steeply from record levels in mid-2022, but values for all three grades could soon experience pressure in the opposite directions thanks to increased Group III output in the U.S. and upcoming shutdowns at several Group I and II plants.
Idemitsu Lubricants America Corp. is adding a building to the warehouse space it leases in southern Indiana near its United States blending plant, part of a plan to increase its direct lubricant sales in the country. The company signed a lease to move into a new 118,000 industrial warehouse, which will be in addition to 50,000 square feet of industrial warehouse space it has leased since 2021 in Jeffersonville, Indiana.
Vibra Energia’s lubricants business recorded 30% higher profit for 2022 on a 12% increase in sales revenue, while fourth quarter earnings also jumped 30% on a 6% hike in sales, compared to the same period of 2021. Lubricant sales volumes decreased 4% for the full year and were flat in the fourth quarter.