Volume 8 Issue 45

Indian Oil to Make Maleic Anhydride

Indian Oil Corp. Ltd. said this week that it will build a large maleic anhydride plant at its oil refinery in Panipat, India, part of a broader program to add to the number of value-added products made at the site. Maleic anhydride is used in the manufacture of lubricant additives such as corrosion inhibitors and detergents, along with plastics, polyesters and other materials.

Costs Nick Castrol India, Gulf Oil

Castrol India Ltd. and Gulf Oil Lubricants India Ltd. both reported lower profits and higher sales for the quarter ending Sept. 30, citing impacts of rising costs during the quarter and the related need to raise prices to manage their margins. Profits for the quarter also dropped for India's GP Petroleums Ltd. but rose for Savita Oil Technologies Ltd. and Apar Industries Ltd., while Sri Lanka’s Chevron Lubricants Lanka Plc and Lanka IOC both reported large improvements in profits.

Tax Change to Aid Malaysian Palm Producers

The government of Malaysia – the world’s second-largest palm oil producer – is raising the threshold of its windfall tax for the palm oil sector and adjusting its levy and levy rates in its 2022 budget to help domestic suppliers weather factors such as rising costs and a shortage in labor, according to news reports.

From Other Editions of Lube Report

August Base Oil Output Up from 2020

Brazil Base Oils Keep Rebounding

Fuchs Profit Dipped in Third Quarter

Briefly Noted

Sales of four-wheel automobiles in Southeast Asia slipped 4% to 233,215 in September, compared to the same month last year, and sales for the third quarter were down 11% at 574,704, according to Asean Automotive Federation data. Although it marked the third consecutive month that sales fell shy of year-earlier results, it was a smaller decrease than the 17% drop in August and the 14% decline in July.