Volume 5 Issue 31
Azerbaijani lubricant marketers are grabbing the opportunity to fill the export void left by Russia’s invasion of Ukraine, which has triggered boycotts of Russia’s oil, gas and refining products. The Russian lubricant market is becoming increasingly isolated, while Ukraine has suffered destruction and halted production as a result of the hostilities in its territory.
United Arab Emirates-based Adnoc Distribution expanded into Egypt with the acquisition of a 50% stake of French energy company TotalEnergies’ Egyptian operations, including part ownership in its lubricants sales and lube service stations, for U.S. $186 million. The acquisition is expected to be completed in the first quarter of next year.
Independent lubricants blender Fuchs Petrolub SE reported a decrease in profits and an increase in sales for the second quarter, compared to results in last year’s second quarter. Rising raw material prices impacted profits, while strong growth in sales in North and South America offset a decline in China.