Volume 5 Issue 34
Western oil companies and lubricant additive suppliers may have pulled back from Russia, but officials with at least one Russian lubricant marketer insist that business is fine. In an interview with Lube Report last week, a Tatneft official said Russian lube companies have access to plenty of base oil and are able to get enough additives from domestic suppliers to get by.
Nigerian blender and distributor Ardova Plc’s lubricants and greases segment reported a net loss and a 16% increase in sales revenue for the quarter ending June 30, according to the company’s financial statement. The lubricants and greases segment declined to a net loss of 423.1 million naira for the second quarter, compared to a ₦508.2 million net profit in the same quarter last year.
An Italian association that promotes recycling of waste lubricants has sharply cut a finished lubricant tax designed to help finance those efforts, the latest turn in rollercoaster ride for the assessment during the coronavirus pandemic. The National Consortium for the Management, Collection and Treatment of Used Mineral Oils said yesterday that the compulsory fee added on lube sales to end users will decrease Sept. 1 from €110 per metric ton to €70/ton.