Volume 6 Issue 4

New Price Caps Planned for Russian Products

A coalition of the G-7 group of leading industrial nations, Australia and the European Union agreed Friday to introduce price caps on Russian petroleum products, including base oils and finished lubricants, in response to Russia’s war against Ukraine.

Turkish Lube Consumption Up 14% in 2021

Lubricant consumption in Turkey increased 14% in 2021 as the country’s economy rebounded from early impacts of the COVID-19 pandemic, according to a recently published report by a national oil association.

Liqui Moly Sales Up for 2022

German lubricants and aftermarket additive manufacturer Liqui Moly reported that its sales revenue rose 10% in 2022 to €799.7 million (U.S. $869 million) as it compensated for exiting the Russian market and a steep decline in China sales by increasing sales in other foreign markets.

From Other Editions of Lube Report

Gandhar Plans Public Stock Offering

Researchers: EV Current Could Increase Wear

Curacao Talks Proceed Despite Forged Docs

Briefly Noted

OQ Chemicals today announced further expansion of its production capacity for carboxylic acids at its two plants in Germany. Structural work has commenced, with completion planned before the end of the first quarter. The new capacity, the amount of which was not disclosed, is expected to be available to the market in 2024.  Sweden-based Perstorp Oxo AB will raise prices on isononanoic acids effective Feb. 1 by €180 (U.S. $195) per metric ton in Europe, 9 cents per pound in the United States and $190/mt in the rest of the world, citing supply, demand and increasing raw material prices. The acids can be used to make synthetic polyol ester-based lubricants that are used in industries such as refrigeration and aviation.