Volume 5 Issue 41
The European Union introduced a new set of sanctions against Russia last week that restricts Russian oil and petroleum products – including base oils and lubricants – from being resold from EU member states to other countries. That measure is part of the eighth package of sanctions imposed by the bloc since Russia’s invasion of Ukraine also adopts a mechanism to set price caps on sales of petroleum products transported by sea from Russia to non-EU countries.
Nigerian National Petroleum Co. has acquired OVH Energy Marketing, operator of the Oando fuels and lubricants business and one of the largest lubricant producers in Nigeria. The deal, announced Oct. 1, comes three years after the refiner entered the finished lubricant market and months after a landmark restructuring aimed at making the business more competitive and profitable.
There is an argument – frequently heard within the lubricants industry – that lubes and the companies that supply them contribute to the environmental sustainability of all industry, indeed of much human activity. By reducing and preventing wear, they reduce energy consumption and prolong the life moving equipment, thereby conserving natural resources.
London-based Shell Plc’s global lubricant sales topped 4.5 billion liters (4 million metric tons) in 2021, ranking number one globally, with an 11.6% market share, the company said in a marketing update released Oct. 6, citing data from consultancy Kline & Co. Shell’s earnings for the segment slid from $1.2 billion to approximately $1 billion.