Volume 8 Issue 6

Lub-rref Wrapping Up IPO

Bangladesh lubricant marketer Lub-rref began the second half of its initial public stock offering last week, opening its sale of shares to the public after an initial phase that was open to select investors. The company expected to raise a total of 1.5 billion taka to be used for expansion and debt repayment.

Profits Fall for Castrol India

Castrol India reported a 30% decline in profits for 2020, although the company said it rebounded during the second half of the year, as demand gradually revived. Hindustan Petroleum Corp. Ltd. exported 14,600 metric tons of lubricants during the 2020 calendar year, according to its earnings announcement.

Australian Court Backs Southern Oil

An Australian court last week ruled in favor of Australian rerefiner Southern Oil Refining in its litigation against transformer oil rerefiner Hydrodec Group and its now dormant Australian subsidiary. The case stemmed from a commercial dispute over a base oil rerefining joint venture that the companies entered in 2015.

From Other Editions of Lube Report

Ineos Declares Force Majeure for PAOs

Brazil Base Oils Buffeted in 2020

Lukoil Streams Group II in Volgograd

Briefly Noted

A fire on Jan. 29 injured two people and heavily damaged a factory owned by industrial lubricant manufacturer Zereclor Corp. in the Khao Yoi District of Thailand’s Phetchaburi Province, according to local media reports. Local authorities said the fire occurred when factory workers were filling lubricant containers using a hose from a large tank, and product overflowed and contacted a nearby light switch. This caused sparks and spread a fire throughout the factory that took firefighters more than three hours to bring under control, the reports indicated.