Lubricant demand in the Asia-Pacific region is projected to rise 3.3 percent annually, reaching 19.5 million metric tons in 2019, according to a new study published by Freedonia Group. The U.S. market research firm said no other region will grow as fast as this market.

Fully 53 percent of the worlds thirst for marine lubricants springs now from Asia, an official with Total Lubmarine told a recent industry conference. Its a vital region for any lubricant player in this 2.1 million metric ton market.

Pakistani lubricant supplier Hi-Tech Lubricants Ltd. raised 2.84 billion rupees (U.S. $27.1 million) last week in the first phase of its initial public stock offering on the Pakistan Stock Exchange.

Sinopec is gearing up for the opening of a railway spur designed to improve transportation access for lubricants manufactured at one of its plants, in Southwest China. A dedicated 1.7 kilometer segment scheduled to open this month will provide direct access to rails carrying products throughout the region.