Volume 9 Issue 31

China’s Economy Weighs on Lubes Industry

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.

Mixed Q2 for Korean Base Oil Refiners

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 Bill Puts Emissions Targets into Law

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.

From Other Editions of Lube Report

Valvoline to Sell Lubes Unit to Aramco

Afton Declares Force Majeure

Azeri Lubes Aid Europe

Briefly Noted

Sales of four-wheel automobiles in Southeast Asia reached 274,645 in June, a 43% increase from the same month last year, according to Asean Automobile Federation data. Through the first half of this year, sales topped the 1.6 million mark, 23% ahead of the 1.3 million  pace for the same period last year.