Trends related to electric vehicles accounted for half of the 10 most popular answers in a global survey of tribologists and lubrication engineers about developments likely to draw the industry’s interest in coming years.
Canada-based distributor Parkland Fuel Corp. posted a 26 percent increase in consolidated revenue for its lubricant segment for the quarter ending March 31, boosted by higher sales for its United States segment.
Lube-Tech opened a new distribution center this week in Milwaukee, Wisconsin, with capacity to store up to 350,000 gallons of lubricants and other fluids, the company announced on Monday.
Calumet Specialty Products Partners repaid $31.4 million in federal Paycheck Protection Program loans Monday, two weeks after acknowledging that it could face penalties under shifting government policies for the program.
The economic crises created by the Covid-19 pandemic will probably trigger an overdue consolidation of global base oil capacity, an official from Solomon Associates said during a webinar last week.
Nynas AB announced Tuesday that Petroleos de Venezuela S.A. sold a 35 percent stake in the company and that the United States lifted sanctions against Nynas as a result of the divestment.
Rerefiners in North America are feeling the impacts of the Covid-19 pandemic in the form of reduced demand for their base oil and finished lubes, along with less feedstock. This is due to a dramatic decrease in the number of miles driven, with most people teleworking and traveling less for work, recreation and tourism.
Clean Harbors acquired a small API Group II+ rerefinery in New Hampshire last month, providing its Safety-Kleen subsidiary with a foothold in the Northeastern United States.
Calumet Specialty Products Partners L.P. reported a net loss, Valvoline posted a slight decrease in operating income, HollyFrontier’s lubricants and specialty products segment reported higher income from operations and Quaker Chemical posted a net loss, for the quarter ending March 31.
Clean Harbors’ Safety-Kleen segment and Heritage-Crystal Clean’s oil business segment both reported higher revenues for the first quarter, compared to 2019’s first quarter. Both companies noted that although the Covid-19 pandemic’s economic impacts were limited in the first quarter, impacts started to worsen at the quarter’s end.