South Korean conglomerate SK Innovation announced last week that it hired Citigroup Global Markets to help it explore the possibility of selling subsidiary SK Lubricants, the world’s largest producer of API Group III base stocks.

As its dependence on imported lubricants increases, Vietnam’s government is grappling with enforcement of its national lubes standard, analysts with a market research firm told Lube Report.

Idemitsu Kosan Co. opened its second wholly owned lubricant blending plant in China last week, a facility in the southern coastal city of Huizhou with capacity to produce 108,000 metric tons per year.

Singaporean independent lubricant blender AP Oil posted a strong increase in net profit and lower revenue for the first half of 2020, compared to the first six months of last year.