Volume 3 Issue 48

China's Appetite Whet for Food-grade Lubes

More Chinese blenders are registering their lubricants under NSF Internationals program for food-grade compounds. The latest to do so, Beijia Lubrication Science & Technology, said its motivation was to comply with its customers demands and to stay ahead of tightening food safety regulations.

Synthetics Forecast to Lead Asia-Pacifics Lube Growth

Asia-Pacific's synthetic lubricants demand will expand at a compound annual rate of more than 6 percent to 2020, with Japan and South Korea leading the region in market penetration, according to consultancy Kline & Co. Semi-synthetics' CAGR is expected to be nearly 9 percent.

Copton Divests Group I Buyer, Earns Big in Q3

Chinese blender Qingdao Copton Technology Co. increased earnings by 31 percent on the year in its third quarter and sold one of its subsidiaries, a wholesale API Group I base oil broker, to focus on higher-quality base stocks.

Koreas Lube Market Set for a Stagnant 17

South Koreas lubricant consumption increased marginally in 2016 but is not likely to show any growth in 2017, the Korea Lubricating Oil Industry Association said in its annual report last week.

Tide Water Q2 Profit Declines

Lubricants maker Tide Water Oil Co. (India) Ltd. reported a nearly 16 percent drop in its second-quarter net profit, due in part to a rise in total expenses.

Smuggled Lubes Ignited in Fatal Blast in Pakistan

At least 30,000 metric tons of lubricants made up the vast bulk of oil products being held in a tanker that caught fire during last month’s deadly blast at the worlds third-largest shipbreaking yard, in Gadani, Pakistan, according to a Ministry of Ports and Shipping investigation. Prosecutors alleged that the lubricants were being imported illegally and will conduct an investigation to determine the smuggler(s) responsible. A report released last week noted that decommissioned vessels are only allowed to carry the volume of lubes required for their voyage to Gadani. Businessmen acquire decommissioned ships for scrap from different parts of the world and bring them to the United Arab Emirates where they are filled with lubricants which are then smuggled into Pakistan, explained Minister of Ports and Shipping Mir Hasil Khan Bizenjo.