Volume 5 Issue 18

SSY Base Oil Shipping Report

Progress has been slow on routes out of the United States this week. Asian markets share the same problem, with only a few routes making headway. Europe has been relatively stable, but May is a month so full of public holidays that trade will surely suffer.-by Adrian Brown

ExxonMobil Buying Indonesian Blender

ExxonMobil has agreed to purchase Indonesian lubricant blender PT Federal Karyatama, the companies announced this week, part of a plan to expand in the Asia-Pacific region.

Valvoline to Build Lubes Plant in China

Valvoline Inc. announced plans Wednesday to invest 443 million (U.S. $70 million) to build its first lubricants plant in China to meet growing demand there. The new blending and packaging facility in Jiangsu province will be the companys single largest blending plant investment worldwide.

SK Nixed IPO Plan Again

SK Lubricants said last week that it was tabling a planned initial public offering for the third time after once again failing to achieve a desired valuation for the business.

Profits Down at Hi-Tech, Up at Castrol India

Pakistans Hi-Tech Lubricants Ltd. reported a 53 percent slump in its third quarter net profit as sales declined and expenses rose. Castrol India Ltd. reported a marginal 1.6 percent rise in its first quarter net profit, thanks to lower expenses and higher other income.

From Other Editions of Lube Report

Briefly Noted

Hyundai Oilbank Co. plans to release seven automotive lubricant products under its XTeer Ultra line, all of which meet the new API SN Plus standards, the company announced Wednesday. The company is the first South Korean refiner to supply lubes that meet the new standard. Petronas Dagangan Berhad, the domestic marketing arm of Malaysias state-owned Petroliam Nasional Bhd., appointed Dato Sri Syed Zainal Abidin Bin Syed Mohamed Tahir as CEO and managing director effective June 1, 2018.