Chinese lubricant supplier Copton Technology Co. last week gained final approval to launch an initial public offering on the Shanghai Stock Exchange, which will aim to raise 320 million (U.S. $49 million) for a new blending plant and other projects.

Asia accounted for 46 percent of the globes 10.5 billion pounds of wax supply in 2015 and is the top supplier of several wax types, including petroleum, synthetic and palm. Production in the region is rising, particularly in China.

MJL Bangladesh announced that it obtained a license from the government to offer marine lubricants duty-free to ocean-going vessels. The Dhaka-based company is just the second in Bangladesh to receive such a privilege and hopes to use it to attract more ship traffic.

One of Kazakhstans two lubricant producers saw its output fall by 60 percent in 2015, according to the administration of the South Kazakhstan region, a decline blamed on troubles in its oil-dependent economy. Hill Corp. made just 8,900 metric tons of finished lubricants at its blending plant in Shymkent last year, down from 22,500 tons in 2014.