Volume 10 Issue 35

Chinese Blenders Adapt to Economic Downturn

Amid a weak economy that is on the brink of deflation, Chinese blenders are keen to seek alternative options to keep their businesses running, including selling products online and servicing the needs of emerging energy sources, such as hydropower and nuclear power, speakers said at the Mu Cheng You lube forum on Aug. 18.

Moresco Buying Out China Joint Venture Partner

Japanese specialty lubricant producer Moresco Corp said this week that it will buy out its partner in a specialty lube joint venture in Wuxi, China, becoming sole owner of Wuxi MoreTex Technology. The buyout comes as Moresco is also consolidating two production plants in China into one.

Profits Fall at Lanka IOC, Chevron Lanka

Operating profit for Lanka IOC plummeted 80% for the quarter ended June 30 due to a steep increase in cost of sales, while Chevron Lubricants Lanka Plc’s operating profit fell 53% on a decline in sales revenue. Sri Lanka’s economy has been battered by the impacts of the COVID-19 pandemic and inflation.

From Other Editions of Lube Report

Rerefinery and Lube Factory Planned in Turkey

Duties Blamed for Slide in Kazakh Exports

Quimiguay Recycles Waste Oil in Argentina

Briefly Noted

Sales of new motorcycles in Japan reached 32,503 in July, a 34% jump from 24,231 in the same month last year, according to data released by the Japan Automobile Manufacturers Association.