Volume 7 Issue 9
U.S. Sanctions Russian Lube Companies
February 27, 2024The United States last week announced a sweeping new round of sanctions against Russia, covering a large number of companies including 10 Russian companies supplying lubricants, lubricant additives and other chemicals to the country’s defense industry.
German Demand Falls Again
February 27, 2024Although Germany’s domestic lubricant demand declined 7% in November, the largest category – motor oils – posted a 5% year-on-year increase, and compressor oil and turbine oil categories showed even larger increases, according to government agency data released recently.
Conoil Profit Falls on Lower Sales
February 27, 2024Nigerian lube blender Conoil reported a slightly lower gross profit and a 42% drop in sales revenue for its lubricants segment for the full year. The company’s fourth-quarter gross profit jumped 85% despite a 20% decline in sales.
From Other Editions of Lube Report
February 27, 2024Perstorp Opens Penta Plant in India
Briefly Noted
February 27, 2024Lanxess Corp.’s Material Protection Products business unit expanded its distribution partnership with Palmer Holland for industrial preservatives in North America. The agreement, which took effect in January, enlarges Palmer Holland’s current portfolio into the metalworking fluids and lubricants markets, following Lanxess’ acquisition of IFF’s microbial control business in July 2022. Palmer Holland will cover all of the U.S. and Canada, focusing solely on the metalworking fluids and lubricants markets for the Lanxess Material Protection Products business.