The joint venture owners of esters supplier Emery Oleochemicals have agreed to sell the Asia-Pacific portion of that business to a new joint venture between a Malaysian utility company and a venture capital firm. Emery supplies palm-based base stocks and chemical additives for industrial lubricants, among other products.

For the quarter ending June 30, Tide Water Oil reported a decrease in profit, while Gulf Oil Lubricants India, Maximus International, Continental Petroleums and Lanka IOC all reported higher profits, compared to the same period in 2020.

Ten percent of the lubricants consumed globally are counterfeit, according to a white paper published last week by the Asian Lubricants Industry Association. Prepared by Kline & Co. consultants in cooperation with the Singapore-based trade group, the paper concluded that the most commonly counterfeited lubes are motor oils, greases, metalworking fluids, hydraulic fluids and industrial engine oils.