Sri Lanka’s cabinet of ministers approved last week a proposal to allow additional suppliers to enter the country’s lubricant market, local news organizations reported. The minister of energy said he will fully open the sector, but it was not clear whether that meant allotting a limited number of additional licenses or removing an existing cap.

Japanese specialty lubricant manufacturer Moresco reported a 14% increase in sales revenue for its specialty lubricants segment and a 1% decrease in sales of synthetic lubricants for the nine-month period ended Nov. 30. Factors boosting specialty lube sales included demand recovery, corrections in selling prices and depreciation of the yen.

ExxonMobil announced yesterday that it will create a new company for its finished lubricants and chemicals business in Thailand after agreeing to sell its controlling stake in Esso Thailand to Bangchak Corp. The operations that ExxonMobil is keeping supply finished lubes for automotive and industrial applications, including marine and aviation.