Volume 1 Issue 10
It has been a pretty slow week overall, with all the main trading areas reporting lower cargo volumes. Asia is just restarting after the holidays, but it is unclear why the other regions are inactive.-by Adrian Brown
Lubricant demand has been essentially flat over the past 25 years, yet millions of tons of new annual base oil capacity has come to market since the year 2000. The rate of additions has far out-paced plant closings, creating surpluses that have ramped up competition and put some base oil suppliers in a precarious position, an analyst explained at an industry event in London.
Italmatch Chemicals Group formed a lubricant additives business unit in the wake of Decembers acquisition of Elco Corp. and parent company Detrex. Italmatch said the new unit, named Lubricant Performance Additives will work to create new additive packages using the combined chemistries of Elco and Italmatch.
The European Unions energy demand is projected to decline by 11 percent by 2040, Africas energy consumption is expected to jump by 128 percent, and the Middle Easts energy consumption will grow 54 percent, according to the 2018 BP Energy Outlook.