MOSCOW – Russias lubricant market faces modest recovery in 2010, but due to the economic downturn lubricant demand contracted so heavily in 2009 that some base oil plants have halted operations.
Speaking at Lubricants Russia 2010 conference held here last moth, InfoTeks general director Tamara Kandelaki said that Russias motor oils demand in 2009 declined 23 percent compared to the year before. Unlike the other developing economies (China for example) that reported one-digit demand growth, Russias lubricant market experienced a huge decline in 2009.
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She added, Its the lowest level in the last five years, and demand wont reach the pre-crisis level in the next two or three years.