Volume 9 Issue 12

South Korea Base Oil Exports Stay Flat

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.

PV Oil Suffers Big Drop in Profits

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.

Liaoning to Foster Grease Development

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.

From Other Editions of Lube Report

Nynas Pulls Back from North America

Solvay Considers Splitting Business

Fuchs’ Profits Up in 2021

Briefly Noted

Ulsan, South Korea-based Songwon Industrial Co. Ltd., which makes antioxidant components for lubricants, appointed Dongbek Park as new outside director of its board of directors at its annual general shareholders’ meeting on March 18. In its subsequent meeting, the board appointed Dongbek Park as Songwon’s new chairman of the board.