Volume 8 Issue 18

Equity Firm Buys 40% of SK

The parent company of SK Lubricants on Wednesday announced an agreement to sell 40% of the business to a South Korean private equity firm for a bit less than U.S. $1 billion. SK Innovation has said it would use proceeds to support its growing electric vehicle battery unit.

Profits Climb at S-Oil, Castrol India

Castrol India and South Korean refiner S-Oil both reported large increases in profits and revenue for the quarter ending March 31, compared to the same quarter in 2020. These reflected an improved business environment compared to the same quarter last year, when the onset of the COVID-19 pandemic and accompanying lockdowns began impacting business.

China Truck Standard Now Due July 1

The Chinese government announced on April 25 that the parts of its China VI emission standard applying to heavy diesel vehicles will be implemented nationwide starting July 1. The China VI standard, which covers heavy- and light-duty vehicles, include two phases, VI-a and VI-b. The former is essentially equivalent to the Euro 6 and Euro VI standards adopted by the European Union for light- and heavy-duty vehicles.

From Other Editions of Lube Report

EPA Changes Tack on California Standards

Turkey Ramps Up Rerefined Oil Mandates

Perstorp Declares Force Majeure

Briefly Noted

Repsol Indonesia will provide lubricants for B-Quik Indonesia automotive service outlets under a collaboration agreement signed on April 10.  China’s passenger vehicle sales rose 404% to 1.2 million units in February, compared to the same month in 2020, according to LMC Automotive. The company attributed the abnormally high year-on-year growth rate to the depressed base caused by COVID-19 in the year-earlier period.