Volume 4 Issue 9
Base Oils Tight in Europe, Middle East
March 2, 2021Perhaps more than other regions, base oil supply in Europe and the Middle East has been severely constrained since the end of 2020. Industry insiders say the flow is unlikely to increase in the first half of this year. Both regions are battling the effects of the pandemic-induced drop in fuels demand and slashed refinery run rates, which have cut back the flow of vacuum gas oil feedstock for base oils.
2020 Results Mixed for Liqui Moly
March 2, 2021German lubricant and aftermarket additive manufacturer Liqui Moly reported that net sales increased during 2020 but that its profit saw a steep decline that it attributed to extensive investing in marketing measures during the COVID-19 pandemic. Net sales for 2020 rose 7% to €611 million, up from €569 million in 2019. Profits halved to €25 million, partly because the company invested almost €45 million in marketing measures.
Japanese OEMs Plugged by Survey
March 2, 2021A survey of Russian motorists found genuine engine oils of two Japanese automakers and French independent Motul’s brand ranked highest for customer satisfaction. The survey was conducted by Moscow consultancy Autostat, and the original equipment manufacturers were Toyota and Idemitsu.
From Other Editions of Lube Report
March 2, 2021China Lube Demand Keeps Rising
Briefly Noted
March 2, 2021The board of Stockholm, Sweden-based Nynas AB appointed Bo Askvik as its president and CEO on a continuing basis. Askvik, who had served in the roles on an interim basis since January 2019, joined the company as chief financial officer in 2014. Investment firm The Carlyle Group agreed to sell its 60% stake in Portugal-based plastic packaging manufacturer Logoplaste to Ontario Teachers’ Pension Plan Board for an undisclosed amount. Logoplaste makes plastic bottles for the automotive lubricants industry.