The base oil supply and demand landscape has changed significantly in recent years, with global capacity for API Group I base stocks decreasing significantly and new Group II and Group III production coming online mostly in Asia, an ICIS analyst explained during a presentation at the ICIS Asian Base Oils and Lubricants Conference held in Singapore last week.

Eneos joined with environmental consultancy Wastebox and IT specialists NTT Data to work out how to calculate the carbon footprint for its products, including lubricants. The calculations will provide customers with data that could help reduce their own emissions. A growing number of companies are measuring their carbon footprints as the public and legislators urge industry to reduce its environmental impact.

Singaporean independent lubricant blender AP Oil International Ltd. reported declines of 60% in net profit for full-year 2022 and 94% for the second half of the year, on higher sales revenue for both periods. Factors impacting profits last year included increased raw material costs and less favorable trading margins, the company noted.