Volume 6 Issue 31
Ergon announced today that its subsidiary Process Oils Inc. has acquired MOGoil, a major base oil trader in Europe. The transaction greatly boosts the European presence of the American refiner, which is the world’s largest producer of naphthenic base stocks as well as a significant asphalt supplier in the United States.
Fuchs SE reported a 10% increase in net profit on 7% greater sales revenue for the second quarter, citing continued impacts from price increases instituted during 2022. Meanwhile Luberef reported a 4% increase in net income for the quarter, boosted by increased revenue from base oil sales.
The Eurasian Economic Union of former Soviet republics updated its technical regulation for lubricants, oils and special fluids, the organization’s commission said in a news release last week. The EEU is a free trade zone encompassing Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan. Moldova, Uzbekistan and Cuba have observer status.