Shell has decided not to build an API Group II base oil plant at its Singapore fuels and chemicals complex, according to a Reuters report Thursday. The company first disclosed that it was considering the project in February of 2022, but it never made a final investment decision nor indicated a production capacity for the facility.

Hong Kong-based Yip’s Chemical Holdings Ltd.’s lubricants business had an operating loss in 2022 on 10% lower sales revenue, falling from a strong operating profit in 2021. The company attributed the decline to increasied raw material prices and global supply chain disruptions. The company’s chairman called it the most difficult year in its 51-year history.

Lubricant demand in the Asia-Pacific region is expected to grow out to 2035, driven by an expanding middle class in India and Southeast Asia, officials from ExxonMobil said during a presentation at the ICIS Asian Base Oils and Lubricants Conference held here recently. The region’s consumption of passenger car engine oils is expected to plateau during that period, but demand for commercial and industrial lubes should keep expanding.

High coal prices caused a number of power shortages during 2021, and this could represent a growth opportunity for the country’s wind industry because the costs of wind turbines have dropped, according to a report released by the Global Wind Energy Council and a renewable energy consultancy.