Volume 8 Issue 29

Australia Court: Wind Down Hydrodec

A court last month ordered that transformer oil rerefiner Hydrodec Group’s dormant Australian subsidiary be wound down to insolvency, calling it the best chance for creditors in Australia owed substantial amounts of money – including rerefiner Southern Oil Rerefining – to get the money owed them.

Moresco Reports Higher Earnings

Japanese specialty lubricant manufacturer Moresco Corp. reported higher sales of specialty lubricants and lower sales of synthetics oils for its first fiscal quarter, which ended in May, citing as a key factor the continued rebound of Japan’s automotive production.

Vietnam Car Parc Growing, Constrained

Passenger car vehicle sales in Vietnam have grown steadily in recent years and should continue that trend in coming years after a brief setback from the coronavirus pandemic in 2020, according to a new report. The number of such vehicles is low, however, and will continue to be constrained by the low quality of roads in the country.

From Other Editions of Lube Report

Lube Additive Sales Rebounded in May

Brazil’s Base Oil Production Stays Strong

Spain’s Demand Nears Pre-pandemic Levels

Briefly Noted

Gulf Oil International closed on its acquisition from Ocean Tankers (Pte), the shipping arm of bankrupt oil trader Hin Leong, of a 50,000 metric tons per year Singapore lubricant blending plant. The deal – first announced late last year – gives Gulf its eighth blending plant, which was put up for sale in early October last year by administrators appointed by Singapore’s Supreme Court to manage Hin Leong after it and Ocean Tankers filed for bankruptcy protection in April 2020.