Volume 9 Issue 31
With few signs that China’s economy will bounce back in the second half of 2022, Chinese oil suppliers need to brace themselves for weak demand, industry experts said at a recent conference.
Profits increased more than 10% for SK Lubricants in the second quarter, while profits tumbled almost 70% for fellow South Korean base oil refiner Hyundai Shell Base Oil and decreased nearly 10% for the base oil and lubricants business of S-Oil, compared to the same period last year. Sales were up for all three companies.
Australia’s new government administration introduced a bill last week that would for the first time enshrine into law its goals for cutting greenhouse gas emissions – reductions of 43% by 2030, compared to 2005 levels, and achieving net-zero emissions by 2050.