Asia’s base oil market experienced whiplash over the past year, as the impacts of COVID-19 pandemic shutdowns caused a cascading wave of effects on pricing, supply and refinery run rates that at times ran the gamut from record lows to rare heights, an industry analyst said.

Dow signed a memorandum of understanding Thursday to build a specialty chemicals hub in Zhanjiang, China. The $250 million project will make chemicals for a range of applications, including lubricants. The facility will include specialty polyurethane and alkoxylate production facilities and will initially have total capacity to make approximately 250,000 metric tons per year of materials.

Chevron Lubricants Lanka Plc reported higher profits, and Japan’s KH Neochem Co. posted declines in operating profit for the fourth quarter and full-year 2020.