Volume 4 Issue 40
Chevron Buys Neste Base Oil Business
October 5, 2021Neste has agreed to sell its API Group III business to Chevron, the companies announced Monday, a deal that expands Chevron’s presence in the growing Group III market. The transaction appears driven partly by Neste’s shift away from petroleum products and signals the deconstruction of what was once one of the world’s largest Group III suppliers.
Russian Additive Imports Falling
October 5, 2021Russia imported 3% less lubricant additives in the first seven months of 2021, while its exports of such products increased by 10% on a backdrop of tight supply and higher raw materials demand, according to a consultancy. The country imported 46,000 metric tons of lube additives from January through July, according to a report by the Moscow-based consultancy B2X.
Liqui Moly Revenue Jumped
October 5, 2021German lubricant and aftermarket additive manufacturer Liqui Moly reported 26% higher sales for the first nine months of this year, compared to the same period in 2020. Although demand was higher, raw material supply bottlenecks hindered sales, the company said.
Briefly Noted
October 5, 2021Malmo, Sweden-based Perstorp Oxo AB announced yesterday it will increase its selling prices for 2-ethylhexanoic acid, used in esters for synthetic lubricants, by €200 (U.S. $232) per metric ton in Europe effective immediately and, effective Nov. 1, by 10 cents per pound in the United States and $240/t in the rest of the word. The company cited supply and demand as well as rapidly increasing raw material prices, particularly for natural gas, as the reasons for the increase.