South Korea exported 1% less base oil, and the declared export value was up 6% in March, compared to the same month last year, according to data released by a government agency. Volumes still rose for the first quarter of this year.

Hindustan Petroleum Corp. Ltd. signed an agreement with a unit of United States-based Chevron Corp. to manufacture and sell its lubricant products in India, the companies announced last month. Through the deal Chevron aims to make inroads in the world’s third-largest lubricant market.

The April issue of features a special report on sustainability. Discover how wind assistance may affect the future of marine lubricants, as well as how the performance gap between environmentally acceptable lubricants and their conventional counterparts is becoming ever smaller. 

South Korean lubricants blender Michang Oil reported a 2% decline in net profit and a 1% decrease in sales for the fourth quarter of last year, while full-year 2022 net profit dropped 29% on a 3% increase in sales. Production volumes dropped 13% for the full year.