Russian refiners are bracing for the impact of the European embargo for their petroleum products including base oils and lubricants – the first such restriction in the modern history of Western relations with the country. The outlook for refiners is bleak, an industry insider said.

Luberef said last week that it attracted strong interest to its initial public stock offering, as the retail portion of the sale attracted enough buyers to purchase 2.3 times as many shares as were allotted for that portion. The sale divested minority owner Jadwa Industrial Investment Co.’s stake in Luberef, which is planning to upgrade and expand one of its Saudi Arabian base oil plants.

Castrol and German bearings and drive technologies supplier Schaeffler signed a global contract to develop and manufacture new greases for wind energy turbines. Grease is used in several locations in wind turbine equipment.