Eneos Corp., said this week that it will close its refinery in Wakayama, Japan – which includes a base oil plant – by 2023. Combined with previous announcements concerning the closing of the company’s Negishi refinery near Tokyo, Japan’s largest base oil producer will see its capacity drop by 50%.

Hong Kong’s Securities and Futures Commission sanctioned Tianhe Chemicals Group Ltd. and its executive director this week, finding them culpable for greatly overstating the company’s revenue and profits in the lead-up to its 2014 initial public stock offering. Executive Director Wei Xuan was suspended for four years from serving as a director or participating in the management of any company listed on the Hong Kong Stock Exchange.

A start-up research and development company has begun building a demonstration plant in East China that is designed to make metallocene polyalphaolefin, part of the country’s growing interest in the synthetic base stocks. Officials with Apalene Technology Co. said the plant near the coastal city of Hangzhou should open by the end of 2022 and that it will have capacity to make 10,000 metric tons per year.