Volume 7 Issue 8
South Korean Lube Demand Hits 10-year Low
February 21, 2020South Korea lubricant consumption fell to a 10-year low of 990,455 kiloliters (889,627 metric tons) in 2019, the Korea Lubricating Oil Industries Association said in a report last week.
GP to Invest $14M for New Plant in India
February 21, 2020United Arab Emirates-based GP Global said it plans to invest Rs 100 crore (Rs 1 billion or U.S. $14 million) to build a greenfield lubricant blending plant in western India.
JV Will Make Repsol Lubes in Indonesia
February 21, 2020An Indonesian blending plant partly owned by Repsol will begin producing the companys lubricants by April. The Spanish company plans to expand the plant and to sell those products in regional and local markets, a company spokesman told Lube Report.
Net Profits Up for Tide Water Oil
February 21, 2020Kolkata-based Tide Water Oil Co. (India) Ltd. reported a net profit of Rs 30.8 crore (Rs 308 million or U.S. $4.3 million) for the three months ending Dec. 31, up almost 53 percent from Rs 20.1 crore. Revenue from operations for the quarter declined to Rs 298.5 crore, down 3.2 percent from Rs 308.4 crore million.
From Other Editions of Lube Report
February 21, 2020Briefly Noted
February 21, 2020Abu Dhabi National Oil Co. appointed Xiamen Sinolook Oil Co. Ltd. as exclusive seller of Adnocs API Group III base oil into China. Adnoc Refining, a subsidiary, produces up to 500,000 metric tons per year of Group III and 100,000 t/y of Group II base oil at its refining complex in Ruwais, United Arab Emirates.