Volume 8 Issue 8

SK Eyes Funds from Lubes Business

SK Innovation is reportedly preparing to accept final bids for a 49% stake in SK Lubricants, and news organizations are speculating that the company could use proceeds for an expensive settlement involving its beloved battery business. News website Chosun Biz reported yesterday that final bids are scheduled to be submitted on Feb. 26, and SK is said to be seeking 2 trillion won.

Profits Up for South Asian Firms

For the quarter ending Dec. 31, profits were up for India’s Tide Water Oil Co., GP Petroleums Ltd. and Continental Petroleums Ltd., along with MJL Bangladesh Ltd. and Sri Lanka’s Lanka IOC. The results indicate that the companies’ performance had not just rebounded from the depths of the pandemic but were generating better returns than before it began.

Southeast Asia Vehicle Sales Down in 2020

Southeast Asia sales of four-wheel automobiles dropped nearly 30% in 2020, and motorcycle and scooter sales fell by almost 20%, according to Asean Automotive Federation data. This reflected the COVID-19’s economic impacts, especially in the second quarter, when monthly sales were off by between 39% and 81%.

From Other Editions of Lube Report

Base Oil Supply Said to Depend on Fuels

Calumet Vows to Keep Lubes Business

Pandemic Dented Demand in Spain

Briefly Noted

Valorem Chemicals Pty Ltd. of Australia officially launched distribution of lubricant additives within Australia and New Zealand for Dublin, California-based International Petroleum Products and Additives Co. Inc.