Volume 9 Issue 20
Base Oils Not Affected by S-Oil Explosion
May 20, 2022One person died and nine were injured Thursday night in an explosion at S-Oil’s refinery in Onsan, South Korea. The incident, which occurred as workers tried to restart operations following a temporary shutdown for maintenance, did not affect the refinery’s base oil plant, an industry source said.
Petronas to Acquire Perstorp
May 20, 2022Malaysia’s Petronas Chemicals Group Berhad announced Tuesday it will acquire Sweden-based specialty chemicals company Perstorp Holding AB for €2.3 billion. Perstorp’s products include carboxylic acids and other chemicals used in lubricants. Petronas Chemicals officials said the deal will help it diversify into specialty chemicals, capture growth opportunities and buffer against market cycles and volatility.
Profits Fall at Thai Oil, Rise for Hi-Tech
May 20, 2022Citing lower sales volumes and tighter margins, Thai Oil’s base oil business recorded a 59% year-to-year drop in net profit for the quarter ending March 31. Meanwhile in Pakistan a large jump in sales revenue boosted Hi-Tech Lubricants’ net profit by 3%.
From Other Editions of Lube Report
May 20, 2022Evans: STLE Helps Industry Meet Challenges
Briefly Noted
May 20, 2022In India in April, two-wheeler sales rose 15% to 1.1 million, passenger vehicle sales increased 4% to 251,581 and three-wheeler sales jumped 53% to 20,938, compared to sales in the same month last year, according to data released last week by the Society of Indian Automobile Manufacturers.