South Korea’s base oil export volumes remained flat in February for the second consecutive month, compared to the same month last year, according to data released by the Korea Customs Service. February’s total was 5% lower than in January and was the lowest volume of base oil exported by the country since August 2021.

Vietnam’s PV Oil Lube JSC reported a steep drop of more than 80% in profit after tax for 2021, compared to the prior year, although net sales grew by more than 50%. The company attributed the profit drop to COVID-19’s impacts on the country’s economy. The company’s profit after tax plunged from 1.5 billion dong in 2020 to 238.8 million dong last year.

The government of China’s Liaoning province wants to help industry develop high-performance greases for use in advanced equipment as part of a three-year economic development strategy focused on the chemicals industry. The strategy, published March 2, sets a goal for chemicals industry investments in the province to reach ¥1.3 trillion by 2024 and for Liaoning to become a world class hub of activity in that field.