Home December 13, 2016

December 13, 2016

Volume 3 Issue 50

Handi Lubricant Reveals Ambitious Plans

A year after Chinese refiner Hainan Handi Sunshine Petrochemical Co. launched a finished lubricant marketing firm, Handi Lubricant Technology, the subsidiarys leadership has an ambitious goal: join the ranks of Chinas three massive national oil companies.

PetroVietnam to Merge Blending Ops

Vietnams PV Oil Lube will double its production capacity in Ho Chi Minh City by upgrading its plant there and integrating relocated blending equipment from its Haiphong operations.

India and China Drive MWFs Growth

Global consumption of metalworking fluids will swell in coming years as increased industrialization in Asia-Pacific boosts the regions share to nearly half of the market and India sets to outpace Chinas manufacturing growth by 2020, a recent report forecast.

Songwon Starts Making Lube Antioxidants

Songwon Industrial Co., a chemical company specializing in antioxidants, has begun supplying that category of materials to the lubricant industry.

Informal Idemitsu, Showa Deal Rumored

Nikkei Asian Review reported Wednesday that Idemitsu Kosan Co. and Showa Shell Sekiyu K.K. can and likely will begin to cooperate even if Idemitsus board continues to block an official merger. The Japanese newspaper said the two oil refiners began negotiating an informal tie-up, which would be tough for Idemitsus opposing shareholder(s) to block since Idemitsus planned purchase of Showa Shell shares would not give it enough voting rights to veto Showas dominion on such matters. The firms responded in a joint statement saying they have not made a formal decision on the integration nor unveiled that such a meeting took place.

Briefly Noted

Singaporean firm United Oil incorporated a joint venture in Taiwan with its local distributor, Jin Wei Chuang Co., to continue exports and sales of its products there. According to a report fromFuture Market Insights, demand for refrigeration compressor lubricants, a niche segment worth U.S. $1 million in sales, is expected to increase at a compound annual growth rate of 5.3 percent through 2026. The Asia-Pacific region, excluding Japan, will account for 31 percent of the market this year and will continue to lead in sales throughout the forecast period. Petronas Lubricants International began exporting its range of products from Malaysia to the South African market through Engen Petroleums distribution network. Ergon International, known for its naphthenics and bright stock production, added a storage terminal in Ulsan, South Korea, and a regional office in Singapore.

Base Oil Reports

purple world americas

Asia Base Oil Price Report

Spot prices were steady to slightly firmer as rising crude oil values thwarted the downward trend seen in previous weeks. However, lackluster requirements are dampening most opportunities for numbers to move higher. - by Gabriela Wheeler
click me