Volume 8 Issue 24

State Signs on to IOCL Refinery Project

Indian Oil Corp. Ltd. signed a memorandum of understanding Monday with the government of the state of Gujarat for a project that will expand the company’s refinery in Vadodara and integrate petrochemicals production. The project includes construction of several new units, including a base oil plant with capacity to make 235,000 metric tons of API Group II and III base stocks.

Standard Greases Buys Chemicals Stake

India’s Standard Greases and Specialties Pvt. earlier this week purchased a stake in Archit Organosys, which produces organic chemicals, pigments, specialty derivatives, adhesives and sealants. Standard is the largest private label grease manufacturer in India.

Profits Climb for Tide Water, GP

India’s Tide Water Oil Co. and GP Petroleums Ltd. reported substantially higher net profit for the quarter ending March 31, compared to results in the same period in 2020, while Maximus International Ltd. posted lower net profit.

From Other Editions of Lube Report

Raizen Buys Shell’s Brazil Business

Crisis Spurs Calls for Shipping Reforms

Polyurea Grease Finds Foothold in Russia

Briefly Noted

New passenger car registrations in Japan increased 46% to 319,318 in May, up from 218,285 in May 2020, according to data released by the Japan Automobile Manufacturers Association. New motorcycle registrations were up 35% at 26,761.