Volume 5 Issue 14

Sanctions Set to Staunch Russian Base Oils

The effective date is approaching for a European Union ban on purchases from government-controlled Russian oil companies, and industry observers say it could be a big blow for base oil trade from Russia into the political and economic bloc.

Evonik Adds Isobutene Derivatives Capacity

Evonik said March 30 that it has invested at least €10 million to increase capacity for isobutene derivatives by more than 50 percent at its site in Marl, Germany. Production will include intermediates used to produce lubricants and lubricant additives.

IPO Considered for Luberef

Luberef, a base oil joint venture of Saudi Aramco, is considering an initial public stock offering that would aim to raise more than $1 billion, Bloomberg reported Monday. The article did not say whether the purpose of a stock offering would be to finance a capital investment or just to raise cash. Aramco officials could not be reached for comment.

From Other Editions of Lube Report

Japan Lube Sales Dipped in February

South Korean Demand Rebounds

ExxonMobil LAO Plant to Open in 2023

Briefly Noted

Rossmore Lubricants, Gulf Lubricants’ official distributor for the United Kingdom, appointed Dave Woodman as the company’s new general manager, as it continues with its goal to bring the iconic Gulf brand back to the U.K. aftermarket.