Volume 9 Issue 11

CNOOC Prepares Group III Expansion

China National Offshore Oil Corp. is finalizing plans for a large base oil expansion at its refinery in Taizhou, Jiangsu province – part of an effort to make China more self-sufficient in materials needed to make high-qualify lubricants. The project would have capacity to make 600,000 metric tons per year of API Group II+ and Group III, along with other materials such as white oils.

AP Oil Cites Hurdles Despite Gains

Singaporean independent lubricant blender AP Oil reported higher net profit but lower sales for the second half of 2021 and for the full year. Despite the improvement, the company said prospects for 2022 are clouded by the ongoing coronavirus pandemic, geo-political tension and labor shortages.

Vietnam Weighs Tax Cut for Lubes

Vietnam plans to reduce its environmental protection tax for greases, lubricants and other oil products, effective April 1 to Dec. 31 this year, according to an announcement by the country’s government on March 13. The environmental tax rate for greases and lubricants would be cut by 50% – the rate on lubricants reduced to 1,000 dong per liter and the rate on greases to VND 1,000 per kilogram.

From Other Editions of Lube Report

U.S. Base Oil Imports Jumped in 2021

War Impacts Ukraine Blenders

Al-Manar Opens Lube Plant in Egypt

Briefly Noted

Japan’s sales of new automobiles dropped 18% to 354,668 in February, compared to the same month last year, according to data released by the Japan Automobile Manufacturers Association. Passenger car sales in the country fell 17% to 289,848 for the month, down from 361,891.