Volume 8 Issue 27
Closures Could Keep Base Oils Tight
July 2, 2021Although oil refineries should eventually ramp back up to normal operating levels, and while this should make more feedstocks available for base oil production, the closures of several base oil plants will likely leave supply tighter than before the coronavirus pandemic, an analyst said during a conference last week.
South Korea Base Oil Exports Rise Again
July 2, 2021South Korea exported a larger volume of base oil in May than in the same month last year, marking the fourth consecutive month with a year-to-year increase. The export value almost tripled – the second successive month with a dramatic increase – reflecting the continued rise in base oil margins.
Profits Up for Savita, Down for Continental
July 2, 2021For the quarter and fiscal year ending March 31, Savita Oil Technologies Ltd. reported higher net profit, while Continental Petroleums Ltd. reported lower profit for the quarter and higher profit for the fiscal year.
Briefly Noted
July 2, 2021Ulsan, South Korea-based Songwon Industrial Co. Ltd. expanded its distribution partnership with MegaChem, extending its coverage to include Australia and New Zealand. Since September 2019, MegaChem has distributed Songwon’s antioxidants for fuels and lubricants in the Association of Southeast Asian Nations region. Transformer insulating oil testing company VPS acquired Singapore-based PGI Industries Pte, specialists in transformer oil sampling and testing services, to expand its transformer oil presence into South East Asia.