Lub-rref announced that it will redirect most of the funds from its initial public stock offering to build a second waste oil rerefinery rather than upgrade existing facilities, including a rerefinery. The Bangladesh company said it was making the change because a recent change in energy law requires rerefineries to be separated from facilities that produce finished lubes.

Hindustan Petroleum Corp. Ltd. reported that its sales of lubricants and greases declined 2% for the 2020-2021 fiscal year, while its lubricants exports declined 12% despite the addition of six new markets. Owned by India’s central government, the company posted lubricant sales of 619,600 metric tons for the fiscal year ending March 31, down from 633,200 tons a year earlier and down from 635,200 tons in the 2018-2019 fiscal year.

Chevron Lubricants Lanka Plc reported increases in profits and sales for the quarter ending June 30, compared to the same period last year. Colombo-based Chevron Lubricants Lanka said that profit increased 8% to 461.2 million Sri Lankan rupees (U.S. $2.3 million) for the second quarter and that it was up 5% from Rs 439.4 million in 2019’s second quarter.