Volume 8 Issue 12

Korean Base Oil Exports Dipped in 2020

Base oil exports from South Korea dropped 9% in 2020, according to data published by the Korea Customs Service, due to the impacts of the COVID-19 pandemic. The sum declared value of those exports was 24% lower than in 2019.

Indonesia Exonerates Astra Honda

Indonesia’s competition regulator ruled last month that motorcycle dealer Astra Honda Motor did not violate regulations by requiring owners of its authorized workshops to use its own brand of lubricants. Staff prosecutors with the Business Competition Supervisory Commission had previously advised that the company’s practices were a violation of rules meant to foster competition among suppliers and to allow choice for consumers.

Yip’s Lube Profits Rose Despite COVID

Hong Kong-based Yip’s Chemical Holdings Ltd.’s lubricants business reported higher operating profit and sales for the full year 2020, boosted by diversifying its product offerings and lowering operation costs through automation. The lubricant business posted operating profit of $7.6 million Hong Kong dollars in 2020, an 18% improvement from 2019.

From Other Editions of Lube Report

Cosan Considers IPO for Moove

France Demand Recovered in 2020

Fuchs Adds JV In Egypt

Briefly Noted

South Korean carmaker Hyundai Motor Co. yesterday signed a new five-year global business cooperation agreement with Royal Dutch Shell plc. that maintains Hyundai’s recommendation for Shell lubricants across its global aftermarket network. The two companies run joint research and development programs, including for first-fill lubricants to meet Hyundai’s specific engine requirements.