Volume 1 Issue 20
It has been a fairly uneventful week across the markets in the United States, Europe and Asia. Ships have generally been kept busy, while the majority of cargoes have secured space with relative ease and at freights that have not really moved one way or the other. -by Adrian Brown
Shipments of API Group I base oils from Iran face disruption following United States President Donald Trumps decision to pull out of the 2015 agreement for Iran to rollback its nuclear program as fears of a trade blockade increase.
Bosnian lube marketer Rafinerija ulja Modrica produced 45,000 tons of API Group III base oils in 2017, up more than 15 percent from 39,000 tons in 2016. The company plans to invest 800,000 (U.S. $955,680) in 2018 to improve upgrade base oil and finished lubricant operations.
ExxonMobil has agreed to sell its Augusta, Italy, refinery - including its 730,000 metric tons per year API Group I base oil plant - to Algerias national oil company, Sonatrach, the companies announced May 9. The sale is expected to close by the end of 2018, subject to conditions and legal requirements.
Nynas naphthenic business unit, which primarily supplies base oils, reported earnings before interest, taxes, depreciation and amortization of 129 million Swedish krona (U.S. $14.9 million) for its first quarter, down 37.4 percent from 206 million krona a year earlier.