A looming free-trade agreement could boost South Korean base oil exports to China, according to industry analysts. South Korea is already one of Chinas largest sources of base oil imports, and the new pact could help South Korea move past or solidify its ranking ahead of Singapore.

Cosco Shipping Co.'s subsidiary, Guangzhou Ocean Shipping Co., has agreed to increase its investment in Total's three, soon-to-be combined lubricant companies in China.

Balmer Lawries greases and lubricants segment posted an 8 percent drop in revenue and a marginal loss for the three months ended Sept. 30 compared to the year-earlier period, while Sah Petroleums revenue and expenses both rose 18 percent in its third quarter year-over-year, bringing a surge in net profit.

Sinopec recently signed a deal with the Italian racing lubes supplier Pakelo to serve Chinese sports car owners. Under the agreement, Sinopec will be Pakelos exclusive dealer in China, selling Pakelo synthetic lubes in selected cities, such as Beijing, Guangzhou and Shanghai, which are home to a growing number of exotic and modified sports cars.