Volume 5 Issue 48
Luberef on Sunday announced plans for an initial public stock offering – which analysts estimated could raise U.S. $1 billion – and that it intends to expand one of its Saudi Arabian base oil plants and upgrade it to make API Group III oils. Co-owner Jadwa Industrial Investment Co. plans to sell its shares, which currently account for 29.7% of ownership.
The global lubricants market will stagnate through 2050, with sluggish demand for transportation lubricants estimated to fall 1.1% per year on average, S&P Global told an industry conference this month in Lisbon, Portugal. An official with the firm said demand for passenger car motor oils will be especially hard hit.
Nigerian lubricants blender and marketer Conoil reported a 38% drop in gross profit and flat sales revenue for the quarter ended Sept. 30, compared to the same period last year, with cost of sales increasing 8%.