Volume 5 Issue 49
Lithium could lose its spot as a most common thickener for automotive and industrial greases in the coming years because of rising competing demand for electric vehicles and new energy storage solutions, an industry event heard recently. Higher prices and supply disruption for castor oil derivatives – which are essential for lithium grease production – are also putting pressure on use of these greases, according to an official from Axel Christiernsson.
Custom Content in association with PENTHOL
Penthol, a globally recognized distributor of base oils and solvents, is now selling API Group I base oils to the European market from dedicated storage tanks in Rotterdam, The Netherlands, and Ghent, Belgium. Plans are already underway to further increase total storage capacity at these facilities to more than 10,000 metric tons by the end of this year to meet the anticipated demand.
E-commerce channel is evolving into an important growth channel that can help lubricant companies increase visibility and sales, and it’s important to approach it with a customer-focused strategy, a consultant told the Union of the European Lubricant Industry’s annual congress in Athens in October.
Nigerian blender and distributor Ardova Plc reported an 83% drop in net profit and a 10% increase in sales revenue for its lubricants and greases segment for the quarter ending Sept. 30, according to the company’s financial statement. Net profit for the lubricants and greases segment was ₦61.2 million for the third quarter, down from ₦368.5 million in the same period last year.