Volume 6 Issue 22
Aiming to serve what it describes as a vibrant Algerian transportation market, petroleum products distributor Petro Baraka recently opened a lubricant blending plant with capacity of 60,000 metric tons per year. The plant is one of several recent investment in the country’s lube market.
Georgia imported almost 7,000 metric tons of finished lubricants from January through April of this year, up 7% compared to the same period in 2022, according to the country’s Association of Petroleum Products Importers. The South Caucasus country’s lubricant market traditionally relies solely on imports because of a lack of domestic production.
Nigerian lubricants blender and marketer Conoil reported a 21% decline in gross profit and 51% less sales revenue for the quarter ended March 31, despite a steep decrease in cost of sales. The company posted 219.8 million naira in gross profit for its lubricants segment, slipping from ₦278.8 million.