Volume 3 Issue 43

Nynas Proposes Debt Restructure

Nynas AB announced a proposal Monday to restructure its debts to lenders and to repay other creditors, a major step toward completing the court-supervised reorganization that it filed for less than 11 months ago.

Economic Diversification Boosts GCC Demand

Lubricant demand within the Gulf Cooperation Council is expected to grow at a moderate pace in the coming years, as member countries diversify their economic bases to lessen dependence on the oil and gas industry, an analysis of the region’s lubricant market found.

Russia Market Forecast to Stay Depressed

Russia’s finished lubricant demand will decline 4% to 1.64 million tons in 2020 because of the COVID-19 pandemic’s negative impacts on the economy, according to a forecast by a Moscow-based consultancy.

From Other Editions of Lube Report

Bought Out of Japan, Shell Returns for Lubes

Shipping Costs Skyrocket During Pandemic

Japan Market Still Declining

Briefly Noted

Ergon International Inc., a division of Ergon Refining Inc., announced plans to expand the company’s specialty oils storage capacity in Antwerp, Belgium, with the addition of three new storage tanks. The new construction, scheduled for completion this month, will increase capacity at the company’s terminal by 8,300 metric tons to a total capacity of 35,650 tons.