Volume 5 Issue 9
Several Western oil companies announced the past few days that they will exit joint ventures in Russia to protest that country’s invasion of Ukraine, but foreign-owned lubricant operations in Russia are so far not caught up in acts of protest. An industry observer suggested that Russian base oil refiners are working quickly to try to make contingency plans in case the conflict disrupts their export activities.
Spain’s lubricant demand increased 11% in 2021, compared to the same month in 2020, though it fell 3% shy of the country’s demand in 2019, according to the Spain Lubricants Association. A crisis in raw materials and semiconductors continues to have an impact on the country’s economy, the association said.
Nigerian blender and distributor Ardova PLC reported an enlarged operating loss and higher sales revenue for its lubricants and greases segment for the quarter ending Dec. 31, according to the company’s financial statements. The segment posted a ₦329.8 million operating loss for the fourth quarter, declining from a ₦282.1 million operating loss in the same period in 2020. For the full year, the segment’s operating profit increased 20% to ₦1.3 billion.