Volume 7 Issue 50

Richful Builds Additive Plant After IPO

Richful Lube Additive Co. plans to build its second factory – located in Cangzhou, Hebei province, China – after conducting an initial public stock offering late in November to raise funds for the project.

Gulf Oil to Buy Singapore Plant

Gulf Oil International announced Tuesday that it has agreed to purchase a Singapore lubricant blending plant from Ocean Tankers (Pte), the shipping arm of bankrupt oil trader Hin Leong.

Korean Base Oil Exports Up in October

South Korea exported more base oil in October than in the same month in 2019, according to Korea Customs Service data. However, the value was down year to year, as it has been during the COVID-19 pandemic. The country exported 351,803 metric tons of base oil in October, 7% higher that the 328,315 tons in the same month in 2019. Base oil exports for this October were valued at $204.7 million, down 15% from $241.6 million. South Korea is one of the world’s largest base oil exporters, sending mos...

From Other Editions of Lube Report

Base Oil Prices Rode Rollercoaster in 2020

U.S. Base Oils Continue to Recover

Middle East Oil Slammed by Pandemic

Briefly Noted

Castrol India Ltd. appointed Deepesh Baxi chief financial officer and whole-time director of the company effective Jan. 1, succeeding Rashmi Joshi, who will pursue another role within BP Group. Baxi has spent the last 18 years with BP Plc and most recently served as financial controller for the global Castrol business.